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The official election of Joe Biden as the 46th president of the United States resulted in a strong swoop for Bitcoin and the rest of the cryptocurrency market. While BTC fell as low as $ 14,350 to Saturday’s low, total market cap lost nearly $ 30 billion at one point yesterday.
Did Biden’s Election Crash BTC?
The past week was pretty impressive for Bitcoin. The leading cryptocurrency entered Election Day November 3 at around $ 13,300. The ensuing uncertainty pushed activity to a new annual high of nearly $ 16,000. This was also the highest price level recorded by BTC since January 2018.
After its peak, Bitcoin moved back slightly, but continued to trade above the $ 15,000 mark. However, the situation changed yesterday after the official announcement that former Vice President Joe Biden beat up incumbent US President Donald Trump and will take office in January 2021.
How CryptoPotato reported, BTC reacted with a sharp drop in prices, resulting in an intraday low of $ 14,350 (on Bitstamp). A classic “buy the rumor, sell the news” event.
Bitcoin has recovered most of its losses since then and is currently flirting with the $ 15,000 level. However, that’s still a 3% drop on a 24-hour scale.
Altcoins have the worst of things
Just a day after plotting impressive double and even triple digit price pumps, most altcoins plummeted from their USD value.
Yesterday, Ethereum jumped to its new high since the beginning of September at $ 470. Over the next few hours, ETH plunged to $ 425. Although it returned to $ 440, ETH is still down nearly 5%.
Ripple’s decline is similar on a 24-hour scale and XRP struggles to stay above $ 0.25.
Bitcoin Cash (-5%), Binance Coin (-4%), Chainlink (-8.5%), Polkadot (-8.5%), Cardano (-8%) and Litecoin (-7%) are all in red.
As expected, the small cap altcoins showed even greater volatility. Energy Web Token decreased by 12%, ABBC Coin (-11%), Solana (-10.5%), Compound (-10%), Algorand (-10%) and Ren (-10%) lost twice as much – percentages of figures.
Overall, the cumulative market cap of all cryptocurrency assets increased from $ 450 billion to $ 433 billion. Plus, it showed $ 423 billion just a few hours ago.
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