BTC Surges Above $70,000 on Election Day Before Declining
On Election Day, Bitcoin's price briefly surpassed $70,000 before settling around $70,170, reflecting a 3.5% increase over the previous 24 hours.
Bitfinex analysts noted that Bitcoin historically reacts positively to political changes, especially amid uncertain fiscal and monetary policies. They indicated that rising US debt could enhance Bitcoin's appeal as a safe-haven asset.
BitOoda analysts reported elevated implied volatility, which is expected to continue due to election uncertainty and the Federal Reserve's upcoming meeting. They highlighted potential price movements of approximately 8% post-election, notably higher than the usual 2% daily fluctuation.
CoinFund managing partner Seth Ginns is monitoring the $75,000 level, suggesting that a decisive break above it could lead to significant upward movement.
Ledn CIO John Glover predicted another test of the $74,000 level before election results. He stated that a Republican win might trigger a rapid increase to around $82,000, followed by sideways-to-lower trading in the $68,000 to $72,000 range. Glover also warned that a drop below $63,000 could lead to a correction between $55,000 and $62,000.
Beyond market dynamics, CoinFund president Chris Perkins emphasized the influence of crypto voters, estimated at 18% of the electorate, on party platforms and election outcomes. He anticipates that the next Congress will foster a more favorable regulatory environment for cryptocurrencies, promoting greater adoption.