{"id":448840,"date":"2020-11-04T11:17:09","date_gmt":"2020-11-04T11:17:09","guid":{"rendered":"https:\/\/wncen.com\/?p=448840"},"modified":"2024-06-11T14:07:57","modified_gmt":"2024-06-11T14:07:57","slug":"bitcoin-declines-dollar-recovers-on-trump-win-prospects","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-declines-dollar-recovers-on-trump-win-prospects\/","title":{"rendered":"Bitcoin Declines, Dollar Recovers on Trump Win Prospects"},"content":{"rendered":"<p>Bitcoin traders braced for uncertainty as Donald Trump and Joe Biden entered a tight US presidential election race.<\/p>\n<p>The benchmark cryptocurrency <a href=\"https:\/\/wncen.com\/analysis\/btc\/analyst-who-predicted-bitcoin-rally-to-14000-says-14500-is-next\/\">surged overnight<\/a> to above $14,000 in a sharp upside. Its gains came on the prospects of a decisive election win for Biden. But with Trump winning several battleground states in a row, Bitcoin plunged lower up to 3.92 percent from its local top.<\/p>\n<p>Around midnight Wednesday, the BTC\/USD exchange rate was at $13,530, its intraday low.<\/p>\n<figure id=\"attachment_448843\" aria-describedby=\"caption-attachment-448843\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/iuiKd7Xp.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-448843 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/iuiKd7Xp.png?fit=860%2C860\" alt=\"bitcoin, btcusd, xbtusd, cryptocurrency, btcusdt, US election\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-448843\" class=\"wp-caption-text\">A sell-off at $14,000 crashed the Bitcoin price by almost $500. Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n<pre>A sell-off at $14,000 crashed the Bitcoin price by almost $500. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2>Volatility Dips<\/h2>\n<p>Biden may win the presidency in a tight contest. But Trump&#8217;s <a href=\"https:\/\/www.ft.com\/content\/4cce592d-9be2-4b14-b77f-ba1ab57f9cf6\" rel=\"nofollow\">victory in Texas, Ohio, and Florida<\/a> have given Republicans a surprise lead over the Democrats. That is unsettling for Bitcoin traders, who were hoping that a new administration&#8217;s majority in the Senate would pave the way for a long-delayed coronavirus stimulus bill.<\/p>\n<p>Earlier this year, a $2.2 trillion fiscal aid from the US government placed <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-gold-to-explode-as-treasury-yields-hit-record-lows-top-portfolio-manager\/\">downward pressure on the yields<\/a> of long-term bonds and the US dollar. That prompted investors to hunt returns elsewhere, with many of them turning to an experimental hedging asset Bitcoin.<\/p>\n<p>Bulls expected that a Biden victory would put further upward pressure on the cryptocurrency. But the election became uncertain for both the competitors. That prompted traders to wait on the sidelines instead of raising their Bitcoin bids.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Implied vol selling off quick in last hour as <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> trades sideways on US election (lack of) results <a href=\"https:\/\/t.co\/Af6XWEiTYS\" rel=\"nofollow\">pic.twitter.com\/Af6XWEiTYS<\/a><\/p>\n<p>&mdash; skew (@skewdotcom) <a href=\"https:\/\/twitter.com\/skewdotcom\/status\/78496000?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 4, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, the US dollar index whipsawed between negative and positive. Signs of a Trump victory lead the greenback to a multi-week high of 94.30. The index later corrected sharply lower to trade near 93.64. It was still trading higher for the day.<\/p>\n<figure id=\"attachment_448845\" aria-describedby=\"caption-attachment-448845\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/u1Xf0Sqy.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-448845 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/u1Xf0Sqy.png?fit=860%2C860\" alt=\"us dollar index, bitcoin, dxy\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-448845\" class=\"wp-caption-text\">US Dollar Index shows volatile moves on US election uncertainty. Source: DXY on TradingView.com<\/figcaption><\/figure>\n<pre>US Dollar Index shows volatile moves on US election uncertainty. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\" rel=\"nofollow\">DXY on TradingView.com<\/a><\/pre>\n<p>The dollar movements hinted more bias conflicts for Bitcoin for the rest of the day. Many analysts <a href=\"https:\/\/twitter.com\/TeddyCleps\/status\/53492480\" rel=\"nofollow\">agreed<\/a> that the cryptocurrency could dip towards $13,000 and wait until an exact election result comes. So a Biden win would have them open new long positions, and a Trump win would have them open short ones.<\/p>\n<h2>Decisive Bitcoin Win<\/h2>\n<p>Some even noted that Bitcoin&#8217;s long-term bullish bias remains intact because of a guaranteed stimulus package from either candidate.<\/p>\n<p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8220;If B<\/span><span class=\"r-18u37iz\">iden<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> wins,\u00a0then Bitcoin\u00a0<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">will go up,&#8221; <a href=\"https:\/\/twitter.com\/TheCryptoLark\/status\/01752065\" rel=\"nofollow\">said<\/a> Lark Davis, an independent market analyst. &#8220;[In case] Trump\u00a0<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">wins, then Bitcoin\u00a0<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">will go up! If the election is contested, then one of these two still will win but with a delay \u2013 and B<\/span><span class=\"r-18u37iz\">itcoin<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> goes up.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin traders braced for uncertainty as Donald Trump and Joe Biden entered a tight US presidential election race. The benchmark cryptocurrency surged overnight to above $14,000 in a sharp upside. Its gains came on the prospects of a decisive election win for Biden. But with Trump winning several battleground states in a row, Bitcoin plunged lower up to 3.92 percent from its local top. Around midnight Wednesday, the BTC\/USD exchange rate was at $13,530, its intraday low. A sell-off at $14,000 crashed the Bitcoin price by almost $500. Source: BTCUSD on TradingView.com Volatility Dips Biden may win the presidency in a tight contest. But Trump&#8217;s victory in Texas, Ohio, and Florida have given Republicans a surprise lead over the Democrats. That is unsettling for Bitcoin traders, who were hoping that a new administration&#8217;s majority in the Senate would pave the way for a long-delayed coronavirus stimulus bill. Earlier this year, a $2.2 trillion fiscal aid from the US government placed downward pressure on the yields of long-term bonds and the US dollar. That prompted investors to hunt returns elsewhere, with many of them turning to an experimental hedging asset Bitcoin. Bulls expected that a Biden victory would put further upward pressure on the cryptocurrency. But the election became uncertain for both the competitors. That prompted traders to wait on the sidelines instead of raising their Bitcoin bids. Implied vol selling off quick in last hour as #bitcoin trades sideways on US election (lack of) results pic.twitter.com\/Af6XWEiTYS &mdash; skew (@skewdotcom) November 4, 2020 Meanwhile, the US dollar index whipsawed between negative and positive. Signs of a Trump victory lead the greenback to a multi-week high of 94.30. The index later corrected sharply lower to trade near 93.64. It was still trading higher for the day. US Dollar Index shows volatile moves on US election uncertainty. Source: DXY on TradingView.com The dollar movements hinted more bias conflicts for Bitcoin for the rest of the day. Many analysts agreed that the cryptocurrency could dip towards $13,000 and wait until an exact election result comes. So a Biden win would have them open new long positions, and a Trump win would have them open short ones. Decisive Bitcoin Win Some even noted that Bitcoin&#8217;s long-term bullish bias remains intact because of a guaranteed stimulus package from either candidate. &#8220;If Biden wins,\u00a0then Bitcoin\u00a0will go up,&#8221; said Lark Davis, an independent market analyst. &#8220;[In case] Trump\u00a0wins, then Bitcoin\u00a0will go up! If the election is contested, then one of these two still will win but with a delay \u2013 and Bitcoin goes up.&#8221;<\/p>\n","protected":false},"author":50,"featured_media":448849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558,79522,83469,76835],"class_list":["post-448840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency","tag-dxy","tag-us-election","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Declines, Dollar Recovers on Trump Win Prospects<\/title>\n<meta name=\"description\" content=\"Bitcoin traders braced for uncertainty as Donald Trump and Joe Biden entered a tight US presidential election race. 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