Crypto Markets could be affected by the U.S. Election
One of the most hotly talked about topics in ‘Cryptocurrency has currently taken a back seat to a more trending topic in the shape of the U.S elections. Considering what is at stake here, it makes a lot of sense. At the time of writing, the poll seems evenly matched with both sides staying on each other’s tails. However, Bitcoin and Crypto markets right now are steady but could be ready to make a big move in the future which might depend on the result of the election. Crypto Twitter while usually being a place for discussions on Cryptocurrency has now taken to throwing their opinions on the presidential elections and vote counts which were very even at the time of writing. Referring to the college electoral votes, Joe Biden leads Donald trump 225 – 213 with 270 being the main target. The overall votes remain pretty even up till now with not long to go till the conclusion. This data is according to the Guardian’s live election tracker which you can use to keep track of the updated votes as they happen.
Blockchain provides Authenticity
Another interesting fact about this live election tracker is that it is being reported by the Associate Press whose call is being verified by Ethereum using a Chainlink oracle so that anyone looking into the official results can verify the authenticity immediately using blockchain. The main names on Twitter and Crypto Twitter do not have a favorite as the votes seem split there as well but the Ethereum prediction markets have been a very popular way to make a prediction on the side. With Biden leading slightly with 49% of the votes and Trump trailing with 48%, it is honestly still anyone’s game.
Crypto Market Update
As far as the prices of Cryptocurrencies go, Bitcoin is holding steady at $13.7k at the time of writing which is not surprising in the least since everyone’s attention is glued to the election and its progress. According to data found on CoinDesk, $BTC even managed to break through the $14,000 mark before sliding down today. The Bitcoin market seems bullish for now as all losses from yesterday have been mostly recovered. Ethereum seems to be stuck in the $380’s while the rest of the Alt Coins have a somewhat mixed result in the overall scheme of things.
The future of Cryptocurrency
We all know from experience that Cryptocurrencies have been hugely linked with the Stock markets performance in the past and it is no secret that a win for Donald Trump would signal a huge boost to the Stock market pushing the prices even higher than they are now for relevant Cryptocurrencies. Even though Trump has been vocal about his disinterest in Bitcoin, he has still nominated a few people noted for their participation in the Crypto Industry as federal regulators such as SEC Commissioner Hester Peirce, and CFTC Chairman Heath Tarbert. However, Joe Biden who is also a former Vice President of the United States has not given any comment on cryptocurrencies during his campaign. This could mean that his focus would be elsewhere. Although there was a rumor being floated around after the Twitter hack of 2020 that his party would not be trusting Bitcoin, there is no solid proof of that happening. The stock market is expected to be a bit shaky if Joe Biden does win the white house meaning Crypto would be in the same boat but this is all just prediction for now.
What are your thoughts on this news? Who will win between Trump & Biden? Will Bitcoin and Crypto prices go up or down after the U.S. 2020 Election? Keep a lookout for current Crypto prices on Tyslin Exchange. Share your opinions and ideas with us in the comments below and we would love to feature you on our platform. Stay Safe and Keep Trading!
