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Bitcoin (BTC) started to consolidate after making a sharp upward move. BTC, which was around $ 15,400 for 2 days, according to data from CoinGecko in the morning. It had dropped to the $ 15,159 level.
With the election of Democratic candidate Joe Biden for President of the United States, BTC fell. The leading cryptocurrency was trading at $ 15,360 just before the results were announced. BTC is trading at $ 15,202 at the time of writing.
Currently, the cryptocurrency community thinks Biden’s victory will lead both Bitcoin and other cryptocurrencies to grow in the future.
Crypto Emre, one of our local cryptocurrency commentators, released a statement on his Twitter account. The famous name used the following expressions:
“If Biden manages to win the presidency, as well as the senate and parliament, to the Democrats, America will make noise with the bailout packages. The DXY will not rise, the FED interest rates will not rise anyway. Stock market, gold, silver and cryptocurrency! “
Another local name, Crypto Soprano, used the following statements: “I hope they don’t abandon the whole market. We just scratched the bottom, don’t let our taste slip away, Mr. Biden. Print dollars, market.” In addition to Crypto Emre, foreign analysts also think this news will trigger the cryptocurrency market.
If Biden manages to win the presidency, as well as the senate and parliament, to the Democrats, America will make noise with the bailout packages.
The DXY will not rise, the FED interest rates will not rise anyway.
Exchange, gold, silver and cryptocurrency 🚀🚀🚀
– Kripto Emre (@kriptoemre) November 7, 2020
How does it affect the crypto money market?
Biden’s election will directly affect the Bitcoin and cryptocurrency markets with the size of their incentive packages. As we previously reported, the Democrats wanted a bigger incentive package in their meeting with Trump and Trump refused to accept it. Subsequently, the talks were blocked. What matters now will be which party wins the majority in the US Senate. If the Democrats take the Senate, as Crypto Emre said, the incentive packages could come one after another. In this way, the rise in Bitcoin prices is also paved.
Tobby Kitty interpreted Biden’s election as a strong dollar. The famous name used the following expressions:
“Joe Biden means strong dollar, we have to take care of our BIST on Monday. Let’s say good luck, let’s see what happens. Bitcoin is like that, it’s too early to say that gold happens like this. The market price could be creating a safer investment area. We will see and see. “
Now that the elections are over, pump all the markets …#bitcoin
– George (@ George1Trader) November 7, 2020
Foreign analysts also expect Bitcoin and the markets to rise overall.
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