The dust is settling in the battle between US presidential contenders Joe Biden and Donald Trump, and the markets are still figuring out what to make of it. Yesterday, as the race tightened, both BitcoinBitcoin and stocks reacted positively. Today, the two have diverged.
Bitcoin hit a high overnight of nearly $16,000. At the moment, it is currently trading for $15,480, which is still a 3% increase over the last 24 hours. Stocks, on the other hand, are down today: the Dow Jones took a 66 point hit, a loss of roughly 0.30%.
As for the election, Biden holds a commanding lead over Trump with 264 of the necessary 270 electoral college votes, per the Associated Press. However, some decision desks have already called the race for Biden. Business Insider, citing Decision Desk HQ, reported earlier today that Biden had secured 273 electoral college votes after winning Pennsylvania.
Trump, predictably, is disputing the results and alleging “fraud.” Either way, his chances of reelection appear to be dwindling with each tick of the clock.
The results of the US Elections so far. Source: NPR
One possible outcome of Biden victory is the “swift passage” of a new coronavirus relief bill and economic stimulus. That means the Fed’s money printer will undoubtedly be reset to “brrr.” And the markets appear to be taking note.
Pelosi: "While we prepare for the new Biden administration, we must also move swiftly for a new coronavirus relief bill. We want the Republicans to come back to the table." pic.twitter.com/yZP1OoR32p
The Nasdaq lost 0.2% and is now around 12,050 points. The Dow Jones fell 0.29%, while the S&P 500, which many consider to be the economic barometer of the United States, has been fluctuating between -0.04% and 0.02% throughout the day.
Meanwhile, Bitcoin, which many investors view as a hedge against the inflation caused by printing more dollars, continues to rocket upwards.
Nakamoto Holdings, a holding company co-founded by Bitcoin Magazine CEO David Bailey, has entered into an agreement with Healthcare firm KindlyMD (NASDAQ: KDLY) to form a new Bitcoin treasury, the companies said Monday.
To raise money for the new treasury, the companies raised $710 million–$510 million via private investment in public equity and $200 million in convertible notes. The announcement added that it was the largest public crypto transaction, and attracted over 200 investors, including...
Publicly traded AI-powered real estate platform DeFi Development Corporation purchased another 172,670 Solana (SOL) for an average purchase price of $136.81, or around $24 million in total, the Nasdaq-listed company announced on Monday.
The purchase brings the firm’s total holdings to nearly 600,000 SOL, valued at approximately $105 million at the current price.
“Crossing the $100 million mark in Solana purchases is a major milestone—but it’s just the beginning,” DeFi Development Corp. CEO Josep...
Bitcoin and major altcoins surged early Monday, but then dipped after the U.S. and China announced that they were scaling back the Draconian tariffs on one another that have been weighing on investors for weeks.
The largest cryptocurrency by market capitalization was recently trading at about $102,600, down 1.5% over the past 24 hours, according to crypto data provider CoinGecko. Bitcoin briefly rose above $105,500—for the first time since January—before U.S. markets opened, but then retreated....
