As the election becomes too close to call, bitcoin sees an impact

Quick take

1 minute read

• Today is the day, we are on the cusp of finding out who gets the keys to the White House and the tension has never been higher. 

• At the time of writing, both candidates are almost neck and neck to win the presidency, but who will come out on top?

Today is the day, we are on the cusp of finding out who gets the keys to the White House and the tension has never been higher. At the time of writing, both candidates are almost neck and neck to win the presidency, but who will come out on top?

Well despite who wins the election, many people believe that the leading cryptocurrency will come out on top in the end and leave the US dollar in the dust. 

That being said, the king coin briefly rose above $14,000 in the early hours of the 4th of November only two for 3% to a current price range of $13,500 at the time of writing. This all occurred as stocks including gold plummeted.

Many analysts are highlighting the uncertainty that surrounds the election which could be a catalyst for a sharp correction for crypto and bitcoin specifically.

A financial journalist at Bloomberg, Tracy Alloway has indicated that the impact of the election on bitcoin most likely came from the statement from Donald Trump as she went on to say:

“S&P 500 futures don't like Trump's suggestion that he'll go to the supreme court to challenge election results. Now in the red.”

Interestingly, when the US dollar drops in price, the leading cryptocurrency, and its precious metal counterpart a gold tend to spark up a rally but this time, it’s dropped in tandem with the Fiat currency.

The election is too close to call right now but people all over the world are eagerly anticipating who will come out as the winner of the 2020 United States presidential election. Potentially, this could be the most important election of our time given the economic crisis that has come as a result of coronavirus.

Whoever comes out as a winner, will surely have a tough job ahead of them, that is for sure.

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