The US presidential election dominates the global news, and the crypto room is not left out. Bitcoin briefly crossed the $ 14,000 mark yesterday when election officials started counting ballots
Bitcoin (BTC) rose more than 2% yesterday, hitting the $ 14,000 mark as the results of US presidential elections in several states were announced. However, at the time of writing, BTC had cooled down and is now trading around $ 13,800 on most exchanges in the region.
Yesterday was election day in the United States when citizens voted for the next leader in the world’s largest economy. The world is focused on the US presidential election, and the cryptocurrency space is eagerly awaiting the winner.
Bitcoin could become a big winner in the race between Donald Trump and Joe Biden, according to some cryptoanalysts. It started to manifest when Bitcoin hit the $ 14,000 mark in several states within two hours of the completion of surveys and the numbers were rolled out.
This is the second time Bitcoin has hit $ 14,000 in the past week. It is the best performance among all cryptocurrencies since January 2018. Bitcoin, which was launched in 2009, has already been used for two US presidential elections. Bitcoin traded at $ 12 during the 2012 election but saw massive gains, reaching $ 700 per coin in the 2016 election. Since then, Bitcoin has grown 1,900% as it trades around the $ 14,000 mark in the current election.
At the time of this writing, Joe Biden leads after 131 votes against 98 of Donald Trump. A candidate must have 270 votes to be declared the winner of the presidential race.
Bitcoin’s price hike is not just political
The rise in the price of Bitcoin in recent weeks is not only related to the ongoing presidential elections. Several factors, such as the increasing interest of institutional investors in the crypto market, are critical to Bitcoin’s recent rally.
PayPal’s entry into the market has helped Bitcoin make gains as the payment processing company plans to provide cryptocurrency services to its 26 million customers worldwide. Institutions like MicroStrategy and Square, which invest large chunks of their holdings in Bitcoin, have also done wonders for the price of the cryptocurrency.
Analysts are forecasting volatility in the crypto and stock markets as ballot papers are counted in the US in the coming hours. Therefore, we should expect further changes in the Bitcoin price in the coming hours.