Joe Biden wins the battle: Bitcoin lost over $850 after the big announcement

Joe Biden wins the battle and becomes the 46th president of the United States. After his announcement, Bitcoin plunged over $850 in just 2 hours.

After a week full of pressure and suspense of vote tallying, Joe Biden won the electoral votes of Pennsylvania and now Donald Trump has to pass on the baton to the Democratic party, as Biden has 290 votes out of the 270 needed in order to win the presidency. On the other hand, Trump doesn’t give up as he stated on Twitter that “He won this election, by a lot” claiming that the Elections were fraudulent.

Bitcoin Vs U.S Presidency?

Everybody was expecting Bitcoin volatility to rise after the big announcement

but Bitcoin didn’t miss any time and dropped down $850. Of course we shouldn’t forget to mention that BTC’s price during the last US election (2016) was just $709. Comparing to the current price (at the time of writing: $15,551) the primary cryptocurrency gained over 1,802% (ROI). In the field of marketing that’s called “Success”! What’s next to see?

Bitcoin plunged almost $1,000 but immediately recovered

Today, Bitcoin lost almost $800 dropping from $15,500 to $14,700 (daily low) in just a few hours. Luckily, its response was quick and it recovered immediately at $15,551.

Credits to TradingView

Biden’s presidency: Good or bad news for Bitcoin market?

It’s too early to say whether Joe Biden’s stimulus plan (not announced yet) is going to be helpful for stock markets and BTC. The only sure thing we know at the moment is that the new president didn’t make any specific statements about Cryptocurrencies before the elections. Now that the presidency race is over, we may see stock markets rally!

Let’s see what future holds for the Cryptocurrency world!

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