With states reporting their election results ... the minute-by-minute tally of Bitcoin trades appears to be experiencing great selling pressure with every Biden win.... contrawise, as Trump pulls ahead in electoral votes Bitcoin appears to experience strong buying pressure.
While there is no such thing as a direct correlation in market forces and they may self-correct, unrelated to external pressures... watching the moment by moment as the official election results return, there is a mirroring jump or dip in Bitcoin trading on some of the largest trading exchanges.
The overall trend appears to be as Biden is pulling ahead in the Early Reporting Bitcoin is having large selling pressure. While it may be the market self-correcting after oversold conditions earlier in the day, it is happening within minutes of the official tally results being reported.... when States come in reporting for Trump, within 1- minute Bitcoin experiences rising prices as a possible result
This could lead some to believe that the overall market for Bitcoin in hoping for a Republican Sweep. It's important to stress that the volatility we see in the market is not unusual, especially for such a large external force as a governing nation. One that is in charge of rules and regulations of the nascent crypto-space.
The curious impact if this is a true correlation would appear to be individuals trading from emotion. As factually Trump as come out as being extremely hard on crypto and stating it is "not money... and based on air" ... but has been extremely lax on regulations.
Where as under a Biden administration, many members of his team already own Bitcoin or are much more friendly to it. Ryan Montoya for instance (former CTO of the Sacramento Kings) and prior democratic hopeful Andrew Yang who proposed utilizing blockchain technology to update the countries Voting Systems ... There is still no official stance on the possible administrations stance on Crypto Regulation.
It's till too early to tell ... and with a race this close, it could be weeks (or months) before there is an accepted result from all parties. But it's interested to watch Bitcoin react to the possible pressures of future regulation
Downward trend with Biden leading .....
As Trump gains more states, Bitcoin seems to experience a buying surge ....
As more States report for a Republican president hopeful, we see greater and greater Bitcoin increase. (108 vs 98 and 92 in the prior graphs) .....
And as Biden pulls ahead with 209 Electoral votes as the West-Coast hits their deadlines, we see Bitcoin start to drop again ...
Let us know your thoughts in the comments. ... are you watching Bitcoin? . . Do you think the US Election is having any affect on the price volatility?
