Bitcoin price hit $14,500 for the first time since early January 2018 on Nov. 5 amid U.S. elections uncertainty. At the time of writing, the price of bitcoin is trading at just above $14,500. The price of bitcoin subsequently returned to fluctuate around $14,500 amid volatile conditions as of now. Daily gains for USD/BTC stood at 6.5% as election turmoil produced solid gains for both Bitcoin and traditional safe-haven gold.
Bitcoin hovers around $14,500 amid US election uncertainty.
Crypto analysts believe that Bitcoin would be in line for significant gains should $14,000 flip from resistance to support. The impact of U.S. elections could be seen on the price of bitcoin. Currently, the Democrat presidential candidate Joe Biden is leading in polls. However, the current President, Donald Trump, has made some controversial remarks about election results. Trump campaign targeted the state of Pennsylvania with a lawsuit to stop ballot-counting filed Wednesday. Additionally, before any official results were announced, Trump’s campaign intervened at the Supreme Court in a case that challenged Pennsylvania’s plan to count ballots received until up to three days after Election Day.
What would be crypto regulations under Joe Biden’s presidency?
The democrat candidate Joe Biden is labeled a “moderate” and “centrist” by many political analysts. However, he has not made any comments about regulating cryptocurrencies, but it is expected that if the Democrats win the elections, there could possibly be a more open approach to crypto regulations in the United States. The current U.S. President had made his stance clear on cryptocurrencies last year when he tweeted how he does not like the idea of decentralized currencies. The crypto community would be hoping that if Democrats come into power, then the approach to regulating cryptocurrencies would be more positive.