Cryptocurrency attains high records between US Election
Bitcoin, the digital currency attains a record of $ 15,233. As the 2020 Presidential election comes to an end, there is a rise of 9% in bitcoin in the past few days.
Since January 2018, this year bitcoin has seen it’s highest price. Bitcoin is hitting high records this year, it seems to happen due to fuelled speculation.
As per the reports, it is believed that new money is coming into the market as prices are rising in the course of an uptrend with the rise in open interest. The warning has been given by Messari. According to him, the temporary upraised prices would create inconsistency in the markets.
According to the co-founder of Stack Funds, Mathew Dibb, bitcoin’s price will influence the results of US elections. Cryptocurrency is expected to be traded inconsistently in the upcoming days and that is being contemplated by the indicating inconsistency in the markets.
In terms of markets and crypto, right now we are seen well across the board and it’s difficult to identify where this is exactly coming from but logically, elections are absolutely playing a major role.
The bitcoin has recovered more than the losses it incurred due to the drop in prices in March, as shown by the pricing graphs.
Now, PayPal would allow its customers to purchase and sell digital assets like bitcoin through their digital wallets and they can even also use them for shopping.
Due to the coronavirus pandemic, at one point the virtual currency lost 50% of its value in just one day in the US as well as in many other countries. In accordance with the analysts, prices even dropped down below $ 4000.
After winning in Michigan and Wisconsin, Mr. Biden is expected to win the US election over Mr. Trump but his own party is not expecting victory in Congressional elections. As it is in the hands of the public, it is hard to predict the victory of any of the challengers.
Crypto Business World
CBW - External Analyst