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Bitcoin Has Lost More Than $800 After Biden’s Victory Announcement

The cryptocurrency markets have experienced a clear wave of the volatility after the US media called Joe Biden the next president of the United States. As per the data given by CoinMarketCap, the primary cryptocurrency has lost nearly $850 in just two hours.

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Uncertainty in Election and Crypto Markets

The uncertainty and confusion in the US election have almost come to an end, but the uncertainty in the crypto markets has increased. Biden has taken 290 electoral votes and witnessed a clear victory over Donald Trump, who has got only 214 votes so far.

As the US news channels called Biden the projected winner of the United States, he came over Twitter and thanked the nation for giving him the votes. But on the other hand, Trump tweeted in which he declared himself the winner of the US election. “I WON THIS ELECTION, BY A LOT!,” he added.

The news of final victory as a result of the US election has affected the price values of Bitcoin and other cryptocurrencies. The world’s leading digital asset has washed away more than $800 in two hours after the president’s announcement. The price value of Bitcoin plunged from $15,400 to $14,555 in nearly two hours. However, it is then corrected and is currently exchanging hands at $14,877.

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The technical indicators are not very bad for the primary cryptocurrency as they are still pointing towards a bullish channel. A little fall in the value was expected as experts found it in the overbought zone when the price was standing close to $16,000.

The current position of Bitcoin is not bearish, but it is normal as it needs to rest for sometimes before it could reach to all-time high value standing at $20,000.

It is not yet known that how is the US election going to affect cryptocurrency markets? In the case of Trump’s victory, the experts predicted positive things for Bitcoin and other major coins, but the current results are totally opposite. Biden, however, has expressed his plan for a stimulus package amid the Coronavirus pandemic.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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