Bitcoin surpasses $14k as voting for the US presidential election is underway
Bitcoin jumped to $14,000 yesterday as election results started rolling in. The surge represented a 2% gain from earlier in the day, reaching that level about two hours after polls closed in several s
Bitcoin jumped to $14,000 yesterday as election results started rolling in.
The surge represented a 2% gain from earlier in the day, reaching that level about two hours after polls closed in several s
Bitcoin jumped to $14,000 yesterday as election results started rolling in. The surge represented a 2% gain from earlier in the day, reaching that level about two hours after polls closed in several states. By the time this article went live, Bitcoin had pulled back to around $13,800 on major exchanges.
The presidential election itself has crypto traders watching for clues. Some analysts expect the Trump-Biden race to support Bitcoin's price. The immediate jump to $14,000 backs this prediction. Bitcoin has now reached $14,000 twice in a week, the strongest performance from any cryptocurrency since January 2018.
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The longer timeline offers perspective. Bitcoin traded at $12 during the 2012 presidential election and $700 when the 2016 election took place. Bitcoin now trades 1,900% higher than it did in 2016. This marks the third U.S. presidential election the cryptocurrency has seen.
As of the latest count, Joe Biden held 131 electoral votes against Donald Trump's 98, with 270 votes needed to win.
But institutional capital has mattered far more than the election. MicroStrategy invested significant capital in Bitcoin. Square invested substantial funds in the cryptocurrency. PayPal announced plans to offer cryptocurrency services to 26 million customers worldwide. Institutional participation of this scale shapes markets in ways that political developments cannot.
Traders should brace for volatility in the coming hours. As election officials count votes, Bitcoin's price will swing based on results and market sentiment. Prices followed this pattern yesterday as the count began. That will repeat as counting continues tonight.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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·Aubrey Swanson
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