There is uncertainty about the outcome of the US election, but the situation where Joe Biden’s eventual victory would be narrow and Republicans taking control of the Senate is CNN favorable from the point of view of financial markets. Cryptocurrencies also benefit from it. The most common bitcoin strengthened by ten percent a day and on Thursday afternoon it reached $ 15,200 for a digital coin (343 thousand crowns).
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Bitcoin has thus been traded at its highest level since January 2018. However, fears of a pandemic and generally higher investor interest also contribute to the interest in bitcoins, the Bloomberg agency noted.
Some investors expect cryptocurrency prices to continue. Fundstrat Global Advisors LLC analyst Rob Sluymer says a new level of price resistance could cost $ 20,000 for bitcoin.
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Bitcoin also benefits from significant investments from companies such as Square and Paul Tudor Jones. According to currency proponents, bitcoin can be a so-called diversifier in times of uncertainty, which will increase portfolio diversity. Certain factors, such as the current closure of European countries due to a pandemic or the delay in the US election, are helping to increase its growth.
But as Bloomberg points out, the world of cryptocurrencies is very unstable. In 2017, bitcoin rose sharply to a record $ 20,000, dropping to $ 3,000 less than a year later. Therefore, many analysts and investors are rather skeptical about cryptocurrencies.
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