3 Bearish Cases for Bitcoin amid US Election Suspense

0xCWIUv3 980x580

Bitcoin logged an overnight rally Tuesday as its price hit $14,000 for the second time in just three days. The flagship cryptocurrency’s latest gains came amid then-ongoing voting round to elect the next US president. Earlier polls favored a win for Democratic nominee Joe Biden, a candidate that promised to boost government spendings to aid the US economy through the coronavirus pandemic. The prospect of more US dollar liquidity pushed its bids lower. Bitcoin, which remains negatively correlated to the greenback, rose 6.38 percent to $14,081 as a result. But entering the Wednesday Asian session, the cryptocurrency started paring a portion of its intraday gains. Bitcoin corrects lower as suspense over the next US president builds up. Source: BTCUSD on TradingView.com A sell-off near $14,081 pushed its prices to as low as $13,756. The plunge coincided with Donald Trump invalidating a smooth victory for Mr. Biden. The Republican candidate won…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE