By Hassan Mehmood (Saudi Arabia)
Crypto members do not want Donald Trump to be the next president of the United States. The cryptocurrency-based predictions tell a lot about sentiments of crypto individuals for Trump.
FTX Volume Increases
As the US president had used many negative words for Bitcoin and cryptocurrency in the past, people in the cryptocurrency industry has also expressed the same feelings via prediction platforms. CEO of crypto exchange FTX, Richard Chen, said that the futures contracts plunged 10%, which represents those people who favor Trump over Joe Biden. Futures contracts volume of cryptocurrency derivatives trading platform shows clear signs that the majority of the crypto investors think Biden just won the debate
The data collected by the blockchain-based prediction platform Polymarket reveal the same results as propagated by the FTX CEO. Polymarket founder Shayne Coplan stated:
“The beautiful thing about markets, in my opinion, is their ability to aggregate information and synthesize it into accurate forecast. That’s what price discovery is — aggregating everyone’s opinions and knowledge and synthesizing it into one metric. And that can have incredible social and informational value.”
Also read:Correlation between Crypto Markets and Traditional Markets
A rising trend is noticed in the traditional markets, which have also inspired crypto markets. The majority of crypto coins are bullish, including the top digital asset Bitcoin. Currently, Bitcoin is trading at $10,912 after surging by 1.68% in the past 24-hours, while Ethereum and Chainlink are up 3.3% and 4.6% respectively.
The key level at $10,700 acts as strong support, which has pushed price value above $10,900. It may exceed $11,000 soon if bullish sentiments remain in the BTC markets. However, the level $11,000 is a very important psychological level that needs to be broken to start a bullish rally.
Crypto markets are correlated with the US stock markets. Dow Jones, S&P 500, and the Nasdaq Composite closed their trading sessions with bullish sentiments. However, gold showed great volatility as it went from $1,880 to $1,900 and then plunged again.
If Joe Biden becomes a new US president, it will be good for Bitcoin markets, and we will see a clear boom in the future.
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