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Bitcoin resumed its higher gear after seeing some wild swings during the US election.
Bitcoin’s price has jumped 5% in the past 24 hours, climbing to $ 14,560 per bitcoin on the Luxembourg-based Bitstamp exchange and moving in line with equity markets bouncing back as Democratic presidential hopeful Joe Biden said. to expect to earn enough states to win the White House.
Other top ten cryptocurrencies, including ethereum, Ripple’s XRP, chainlink and litecoin, also achieved gains of between 1% and 5%, boosted by bitcoin’s strong performance.
The price of bitcoin rose this week, reaching highs not seen since the end of the 2017 bitcoin bubble … [+]
SOPA / LightRocket images via Getty Images
The price of bitcoin fell sharply as polls closed on Tuesday, with early signs showing US President Donald Trump could pull off a poll reversal and win the election. Trump is expected to win 23 states, including Texas, Ohio and Florida, beating pollsters’ predictions.
“Bitcoin has recovered from the post-election decline, once again surpassing the $ 14,000 level,” John Kramer, trader at market maker GSR, said via email, adding that “the US dollar was initially stronger when the Trump’s victory became a possibility but has since declined as Biden’s numbers improve. “
The vote count is still ongoing in a handful of key battlefield states in the United States, which will determine the outcome of the US presidential election.
“We may not know what post-election stimulus might look like, but investors continue to believe that the US Federal Reserve will continue to print money at a pace that favors limited bitcoin supply,” Kramer added.
Bitcoin has a fixed supply of just 21 million bitcoin tokens, something that has been put in stark contrast to the unprecedented government money printing, quantitative easing, and stimulus measures launched this year, designed to offset the damage. economic caused by the coronavirus pandemic.
The price of bitcoin has soared towards $ 15,000, a level not seen since the beginning of 2018.
Coinbase
“Bitcoin has demonstrated its extreme resilience during complex geopolitical events and this emerged during the tumultuous US elections,” Paolo Ardoino, CTO of bitcoin and cryptocurrency exchange Bitfinex, told via email.
“We have seen a surge in the dominance of bitcoin in recent weeks. Regardless of the election outcome, it could be said that we are seeing increasing recognition of bitcoin’s unique qualities as we adapt to the very kind of tough times it has been in. largest cryptocurrency in the world. invented for. “
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