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It seemed as if the US presidential election week was good for crypto. Pollsters (and crypto bettors) had long predicted a Biden win; stock markets rallied and Bitcoin’s price sailed to new highs each day. 

When Biden won, things started to go south for crypto. _Decrypt_ reported yesterday that the price of Bitcoin dropped from $15,369 to lows of $15,190 right after the news. But it didn’t stop there.

Bitcoin’s post-Biden fall continued well down to $14,521 at 8:09 PM UTC before recovering to $14,927 at 9 PM UTC. 

Bitcoin’s price is currently $15,138, a decrease of 2.43% from yesterday’s peak of $15,507 at 1:49 PM UTC, according to data from CoinMarketCap.

Ethereum, the second-largest cryptocurrency by market cap, took a larger loss, dropping by 3.62% down to $444 from yesterday’s $460.

Overall, the global crypto market cap suffered a 2.27% drop in the last 24 hours, down to $439.21 billion from $429.24 billion, according to figures from Coinbase.

But there’s no immediate sign of a freefall—Bitcoin's price stabilized last night as Americans went to bed. So traders won’t wake to a _really_ bad morning on a post-Biden-win Sunday. Unless, you know, they voted for Trump.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Joe Biden, President of the Gool Ol' US of A. Image: Shutterstock

<ul>
<li>Bitcoin’s price dropped by 2.36% down to $15,138 from yesterday’s $15,504; Ethereum dropped by 3.62% down to $444.35 from yesterday’s $460.44.</li>
<li>After an upward trend in the run-up to the US elections, the crypto market has now fallen by 3.06% over the last day.</li>
<li>Uncertainty continues as traders are unsure whether the Biden news is good or bad.</li>
</ul>

In brief

Insights into the biggest events shaping the crypto industry.

News

It was a good week for the crypto market. Until it wasn’t. After a week-long upward tren, the market fell by 3.06% over the last day.

After Biden Wins US Election, Bitcoin Loses

It was a good week for the crypto market. Until it wasn’t. After a week-long upward trend, the market has suffered a 3.06% drop over the last day.

In brief

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