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Bitcoin & stocks dropped as markets are uncertain about US election
November 4, 2020
Published by asieh.Malah
The price of Bitcoin (BTC) price suddenly dropped by 3% within hours on Nov. 4 to $13,566 after briefly surging above $14,000. Coincidentally, USD, gold, and stocks all fell together in tandem. Experts are pointing the bitcoin price drop to uncertainty about the election as the catalyst for the sudden correction.
Why markets fall after surging during the vote count
When the mainstream media was actively reporting the vote count, the price of BTC and stocks rallied. Yet, after the vote count ended for the day, all risk-on and risk-off assets went into the red, such as S&P 500 futures.
Tracy Alloway, a financial journalist at Bloomberg and co-host of the Odd Lots podcast, said the bitcoin price dropped due to President Donald Trump’s statement about the election. She said:
“S&P 500 futures don’t like Trump’s suggestion that he’ll go to the supreme court to challenge election results. Now in the red.”
The recent fall of Bitcoin is noteworthy given that it declined simultaneously with the dollar. Typically, when the dollar drops, Bitcoin and gold rally, since both stores of value are priced against the dollar.
As previously reported, BTC faced a low correlation with other assets including stocks in recent weeks. As such, the collective correction among most major assets comes across as an unexpected market response.
What happens to Bitcoin price after the election?
According to CryptoQuant, the Estimated Leverage Ratio of Bitcoin futures on Binance hit an all-time high. This shows that there are more traders in Binance’s Bitcoin derivatives market than ever before.
Ki-Young Ju, the CEO of CryptoQuant, warned traders on Nov. 4 about heightened volatility caused by cascading liquidations. If there is an abnormally large number of contracts in the market, it can lead to massive price movements.
In the near term, given the repeated rejection of Bitcoin at $14,000, traders are leaning toward a market fall.
There are many key support levels in the foreseeable future for Bitcoin. First, the $13,300 area has been defended with strength over the past week. If Bitcoin continues to hover above $13,300, it would show resilience from buyers.
Secondly, the $13,000 level has been supported with whale clusters since early November. This means whales have accumulated large amounts of Bitcoin at that level, which makes it an area of interest for buyers.
So for now
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