BTC soars to $14,000 within 24 hours as prediction markets welcome Joe Biden

November 6, 2020

Reading Time: 2 minutes

Most investors have remained skeptical in the crypto space even after the sudden rise to $14,000 of BTC amid the US presidential elections. Most of the analysts have pegged their predictions for the Democrats’ candidate, Joe Biden, to be in favour of the Bitcoin value. Besides, most of them still argue that Bitcoin wins regardless of the election results.

It has been reported that, at pixel time [17:26 UTC], the bitcoin trades at 14,150 USD. This rise in BTC value is a staggering 3% rise within 24 hours, and a total of up to 8% of the BTC value within seven days. This level was, last experienced in 2018.

A considerable increase in crypto investment has as well been recorded as most investors expect volatility in the value of the fiat currency. The USD is likely going to flop from the effect of the US elections that might last for many days as most analysts predict. The USD usually have an inverse proportionality with the BTC, hence the reason for the influx.

From the prediction markets within the cryptospace, reveals that chances of a Trump winning are barely 18%. At the same time, that of a Biden win is up to 81%. President Trump’s futures contract on the crypto derivatives exchange has flopped to $0.17 FTX, while that of Biden has risen to $0.84 within a day. 

With these tokens, a trader can either get a $1 or a $0 depending on the results of the election. It has so far, been established that Biden has secured 264 out of the possible 270 votes expected for a win, while Trump still lags at barely 214 as per Bloomberg data. On the contrary, some other sources claim that Biden might find it challenging to cross the winning line if he doesn’t win in at least two of the remaining State that are yet to finish counting their votes.

From the statement made by the Nexo Managing partner, Antony Trenchev, the crypto trading is one of the means that can be used to gauge the results ahead of time. These systems can promote the instances of election meddling and the potential suppression of the voters, unlike the anticipated statistical fairness expectation in the US presidential election process.

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