Cryptocurrency markets boom as Biden won the US election

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Biden winning the US election has sent the cryptocurrency markets into a frenzy over the weekend. The total global market capitalization of all cryptocurrencies has increased 2.61% in the last 24 hours, taking the total value to a quarterly high of $445 billion.
Bitcoin price is up 3.18%, Ethereum 3.14% and every other project in the top 20 has experienced such gains.
Once news networks had started calling Biden as the winner of US election in Pennsylvania, cryptocurrency markets actually fell. It had been hovering around the $15,300 mark in the lead up to the result, but quickly slid to $15,100. Since then it’s surpassed $15,300 and is currently sitting comfortably at $15,400.
But some weren’t happy with the outcome. As Bitcoin went on a charge, nearly $63 million in short positions were liquidated, per data from tracking site Datamish as those predicting election uncertainty would be bad for BTC got it wrong.
Over on prediction markets, some investors are arguing that Trump still has an opportunity for retaining the White House. Trading exchange FTX allows those who bet on Trump to win the 2020 election to hold onto their bets until February, following a flurry of complaints.
The exchange bent the rules because of the divisive nature of the election—despite Joe Biden being declared a winner. “Some users have complained about us following the rules, and instead want us to modify the rules to favor their preferred candidate,” FTX yesterday tweeted.
Looking over at Bitcoin Futures, sentiment is mostly in the buy category, as investors reckon that Bitcoin’s price is going to keep edging up towards the all-time high of $20,000. That’s despite news on Friday that the US Department of Justice had seized more than $1 billion worth of BTC linked to the now defunct Silk Road market.
Historically big news like that would have significant impact on the market place. But at the moment, HODLers simply don’t care.

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