Bitcoin Price Breaks $14,000 As America Awaits Election Results

By Jeff Benson

The price of Bitcoin, the world's first and most popular cryptocurrency by market capitalization, again hit the $14,000 mark today.

After breaking that barrier and surging to $14,028 on October 31, the 12th anniversary of the publication of the Bitcoin white paper, Bitcoin was unable to sustain the price—its highest since January 2018.

But that was a whole three days ago. A lot has happened since, with the US expecting initial election results from several states, including Georgia and Virginia at 7 p.m. Eastern.

Following a COVID-induced dip to around $4,000 in March, Bitcoin has marched steadily upward, posting nearly 50% gains since this time last year.

The stock market, meanwhile, has been topsy-turvy. Though the Dow Jones Industrial Average scored a 2% increase today as investors show confidence in the election result—whatever it might be—the Dow remains more or less where it was a year ago: down about 0.05%.

But New York stock markets are closed today and won't reopen until tomorrow, at which point we may have a better idea of who will be president for the next four years, Donald Trump or Joe Biden. They won't move again until then.

Cryptocurrency markets, however, never sleep. Expect the Bitcoin price to react in real-time as results trickle out throughout the night, though what that price movement means is up to interpretation.

Recommended News