U.S. Election Has Bitcoin Hyperventilating

Bitcoin was trading at about $13,850 at 8:45 am on Wednesday morning. This mini increase followed a 3% drop (overnight, when selling, in Asia). That took place after BTC broke $14,000 in the context of a tight U.S. presidential election that still doesn’t have a clear winner. The state of the race boils down to a handful of states with millions of mail ballots supporting Biden yet to be counted. Despite the unfinished business, Trump controversially claimed victory and called for a halt to the count.

Demand for government safe haven bonds soared, and 10-year U.S. yields fell 23 basis points to 0.77%. Something that raises the alarm.

DEFI party; OPI crushed

Index futures contracts linked to DeFi are collapsing, with profits disappearing as the sector cools down after a wild summer of speculation ( CoinDesk ).

Meanwhile, the Shanghai Stock Exchange suspended Ant Group’s IPO. The financial applications giant had planned to raise $34 billion in what would have been the largest public offering in history. However, Chinese regulators appear to have crushed it. The timing seems unsettling, considering geopolitical/trade tensions, the growing technological arms race, and a still unstable US election.

Saved from a coup de grâce Tuesday night, President Trump appears to be losing ground in several key battleground states as the vote count by mail progresses. Trump’s lead was slipping in Wisconsin and Michigan early Wednesday.

Some Las Vegas bookmakers, as of Wednesday morning, had Trump’s odds of winning in the end at 40%, compared to Biden’s at 60%.

Crypto-investors are very interested in who will become the next U.S. president. The bulls appear to be hitching their wagons to Biden, seen as more friendly to crypto-money than Trump, who allegedly told his Treasury Secretary to go after Bitcoin for fraud.

A controversial moment for the US and the crypto currencies, but what is certain is that the crypto currencies will continue to grow and promise excellent projections for 2021.