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2020-10-12

Impact of Elections in the USA on the crypto market

As the U.S. presidential election in 2020 approaches, two crypto traders on Twitter shared their predictions on how the price of Bitcoin might react to this event. 

 

The elections are a summary of the wild 2020, and there are many other factors left in the game. "This election year is certainly different, given what we've seen in the past due to the pandemic and the global economy that's taking its toll," said Twitter trader CryptoWendyO. "With an event like Covid, it could be assumed that Bitcoin will pump due to the uncertainty of the financial market, but we do not see it," he said. 

 

Crypto Twitter was filled with political talks in the weeks preceding the November presidential elections. The event comes at the end of a year of pandemic, business downtime and economic problems.  

 

"Tensions are high, especially during the elections," WendyO said. "The markets need money to flourish, and I'm not sure that this will happen now that the middle class is holding on to its capital," he added. 

 

Money to stimulate the government is also at stake, and the current administration does not decide on further economic support. Both the major markets and the crypto have responded to the news that the president has decided to postpone further talks on stimulus until the elections are over.