Bitcoin is all set to defend itself. This need comes from the 2020 American Presidential election results won by Joe Biden. Not only this, but challenges also come from the growing cases of the Coronavirus infection.
As America goes through the transition of a new administration, stock markets are one of the hectic platforms following the transition. Bitcoin faced some losses this weekend. This happened soon after Joe Biden got elected as the new American President.
As the election results are finally declared, Washington now has everybody’s focus.
According to the experts, with the elections results being out, the market would surely be volatile. And since the results came out at the weekend, Wall Street will witness an incoming of stock investors on Monday.
Japan was earning the most at press times. The Japanese stock market was going through the “Biden Bounce”. This term was given by the press after the presidential candidate (now the winner), Joe Biden after the Japanese stock market hit a 29-year high. But this was not the case with Bitcoin. The company had stopped earning profits as compared to what it had earned from last week. The BTC/USD has improved, circling $15,250, since then, at press times Monday.
What Do Analysts Have To Say About The Future Bitcoin?
Now That Joe Biden Is The President Of USA –
Analysts argue that, in the long run, Bitcoin will not at all be affected irrespective of Joe Biden winning the elections. Not only that, but they also added that both Gold and Bitcoin will earn a lot in the coming future as the newly elected American President leads the way. The reason behind this is plenty, but the most important of all is inflation.
The speech of Jerome Powell was recorded last week by The Cointelegraph. The chair of the Federal Reserve displayed demands concerning the financial stimulus for boosting the national economy of the country.
Coronavirus And Its Impact On Bitcoin –
The ongoing infection has caused Europe to opt for the second wave of lockdown. As the third quarter of 2020 came with some economic recovery signs, the last quarter of the year is very likely to see otherwise. It is quite visible that the said Q4 is showing a downward sloping economic curve following the lockdowns.
Hence, this means good news for Bitcoin! According to the studies, the company had crawled up from $3,600 to five figures just within two months, following the economic shutdown of March.
Raoul Paul, the CEO of Real Vision, and Tyler Winklevoss, the Gemini exchange co-founder, predicted that Bitcoin will earn the highest by the Q1 of 2021.
It seems like a virus has a lot to contribute to the stock investors of Bitcoin as opposed to the President-elect of the USA, Joe Biden.