Bulls attack again
While the world is focusing on the upcoming US elections, the Bitcoin bulls are again attacking the important resistance at USD 14000. Thereby the No.1 crypto currency benefits the traditional markets. However the stable upward trend could turn out in the night to Wednesday as the well-known “peace before the storm”. We take a look at what is currently happening in the crypto space.
Bitcoin course current
At the time of writing, the BTC is quoted at USD 13741, which represents a daily gain of 2.09%. According to this, between the bulls and the important USD 14000 limit, the resistance is only at USD 13800. On the downside, the next support lines are currently at 13600 USD and 13500 USD. On election day, the Bitcoin Dominance Index rises to a value of 64.2%. A clear sign that investors are focusing on the “digital gold”.
What influence does the US election have on Bitcoin?
The Bitcoin price is shooting up before the U.S. elections and confirms the upward trend of the previous days. But how could the election result affect the price development of the “Store of Value”? Quite a few experts assume that the safe havens, regardless of the election winner, will emerge as winners from the geopolitical highlight. Other voices assume that if Biden wins the election, a majority of Republicans in the Senate could cause a stalemate, which in turn would block the laws on the aid packages.
S&P 500 rises on election day
The S&P 500 starts with an uptrend of + 1.98 % into election day. For the Dow Jones, it even goes up by + 2.15 %. With a clear election result, many investors are counting on a positive reaction from the traditional markets, as both Trump and Biden stand for a progressive monetary policy. In July, for example, Joe Biden presented a comprehensive USD 700 billion plan with which the Democrat wants to support the industrial and tech sector.
What are the Altcoins doing?
The Altcoins must let the first mover move again on Tuesday. For Ethereum the plan is -0.86% down. The 400 USD barrier remains a stubborn barrier for the most famous Altcoin. Currently, the Smart Contract currency is trading at USD 381. However, the wait for Ethereum 2.0 could soon come to an end. ETH developer Ben Edgington recently commented as follows in a blog entry:
“So, I called the launch of the Eth2 deposit contract a touch early – I’m keen; we’re ready; so sue me . In the above-mentioned podcast, Danny said that deployment had been pushed back slightly to allow the audit of the Blst crypto library to be completed first. I don’t know why this was a blocker as neither the deposit contract nor the official deposit tooling use that library . The important thing is, as Danny reported on this week’s devs’ call, that the audit is going well, results are expected next week, and then we can “pull the trigger on everything.“