{"id":102987,"date":"2020-11-02T12:00:00","date_gmt":"2020-11-02T09:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2020-11-02T12:00:00","modified_gmt":"2020-11-02T09:00:00","slug":"get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Get ready for US elections: 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2468244f563\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2468244f563\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/#Election_day_looms_for_Trump_vs_Biden\" >Election day looms for Trump vs. Biden<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/#Europe_welcomes_fresh_money_printing\" >Europe welcomes fresh money printing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/#%E2%80%9CBullish%E2%80%9D_mini_futures_gaps_open_and_close\" >\u201cBullish\u201d mini futures gaps open and close<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/#Monthly_close_buoys_institutions\" >Monthly close buoys institutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\/#Fundamentals_set_to_shake_up_mining\" >Fundamentals set to shake up mining<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Get ready for US elections: 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) starts a new week and month just dollars away from its highest monthly close in history \u2014 what\u2019s in store next?<\/p>\n<p>Cointelegraph takes a look at five price factors which may influence BTC\/USD as the U.S. goes to the polls and coronavirus sparks new Europe-wide lockdowns.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Election_day_looms_for_Trump_vs_Biden\"><\/span>Election day looms for Trump vs. Biden<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This week contains a geopolitical event which traditionally plays havoc with markets: the U.S. presidential election.<\/p>\n<p>Coming at a time when coronavirus angers and restricts daily life for many U.S. citizens, markets will be keenly watching the result for clues as to the incoming president\u2019s future policy.<\/p>\n<p>The implications are not just <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a>. Economic firsts have accompanied the virus, with consequences including companies ditching fast-inflating cash for Bitcoin. <\/p>\n<p>As Cointelegraph reported, analysts believe that regardless of who wins, the result will be a boon for safe havens such as gold. Bitcoin, despite becoming less tied to macro markets in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, may yet react to moves in the strength of the U.S. dollar.<\/p>\n<p>On Monday, the U.S. dollar currency index (DXY), an indicator with which BTC\/USD has shown inverse correlation, continued a week-long climb to rise above 94.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/a6fad9a8-7bad-4ac2-a4dd-5f97e762ca94.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index 2-month chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\">TradingView<\/a><\/em><\/figcaption><\/figure>\n<p>\u201cAsia stocks climbed buoyed by upbeat China factory activity in volatile start to crucial week spanning US election &amp; Fed meeting, events that could set tone for markets for rest of 2020,\u201d analyst Holger Zschaepitz summarized on Twitter Monday.<\/p>\n<p>Zschaepitz had noted over the weekend that Bitcoin was rising in tandem with negative-yielding debt volumes worldwide. Global bonds with negative yields \u2014 where the lender literally pays the borrower \u2014 had fallen from a record $17 trillion to $12 trillion by late 2019, only to rise again this year. <\/p>\n<p>\u201cNegative yields are good for Bitcoin, which does not yield any interest itself,\u201d he explained.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Europe_welcomes_fresh_money_printing\"><\/span>Europe welcomes fresh money printing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond the U.S., the situation for markets in Europe looked bleak thanks to coronavirus lockdowns returning across the continent.<\/p>\n<p>Amid fresh warnings of contractions in economic activity due to the measures, markets began shrugging off even bullish signs in favor of reducing potential election fallout.<\/p>\n<p>Zschaepitz noted that German stocks alone lost $4.1 trillion in value last week, the most since the March crash.<\/p>\n<p>For Bitcoin proponents, the time was as right as ever to buy, as the European Central Bank (ECB) confirmed more stimulus and more money printing.<\/p>\n<p>On the topic of Germany\u2019s new lockdown, popular trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/MMCrypto\/status\/1321680276276338688\">MMCrypto<\/a> urged Twitter followers to reduce fiat exposure.<\/p>\n<p>\u201cThe crazy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> is that the businesses which have to close will get up to 75% of their revenue in freshly printed money,\u201d the trader highlighted.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBullish%E2%80%9D_mini_futures_gaps_open_and_close\"><\/span>\u201cBullish\u201d mini futures gaps open and close<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Focusing on Bitcoin-specific price triggers, the weekend\u2019s action allowed yet another so-called \u201cgap\u201d to open up in futures markets.<\/p>\n<p>Gaps are formed when the end of one week\u2019s trading is at a different price point to the start of the next. Historically, BTC\/USD moves to revisit the levels left out by the weekend, whether those are higher or lower than Monday\u2019s spot price.<\/p>\n<p>As noted by market analyst <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/zackvoell\/status\/1323041741776314368\/\">Zack Voell<\/a>, four small gaps have <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared on CME Group\u2019s Bitcoin futures market \u2014 every weekend for the past four weeks has produced one.<\/p>\n<p>\u201cCME bitcoin futures opening with a gap up for the fourth consecutive week. That&#8217;s pretty bullish,\u201d Voell commented. A subsequent shift down during Monday trading closed a gap in the low $13,700 range.<\/p>\n<p>As Cointelegraph reported, only a small gap at $16,000 remains higher up on the historical Bitcoin price chart, while lower down, a gap at $9,600 failed to get filled the last time that Bitcoin briefly dipped below $10,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/6b76f210-479e-4a89-aec7-80a1e95a3fbf.jpeg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin futures annotated chart showing recent gaps. Source: Zack Voell\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Monthly_close_buoys_institutions\"><\/span>Monthly close buoys institutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the topic of institutions, analysts remain bullish over Bitcoin\u2019s monthly close, despite the largest cryptocurrency narrowly missing out on setting an all-time high. <\/p>\n<p>As Cointelegraph reported, BTC\/USD closed out October just dollars away from its highest end-of-month level ever.<\/p>\n<p>For veteran trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/peterlbrandt\/status\/1323008034029948944\">Peter Brandt<\/a>, who correctly forecast various Bitcoin price events before they happened, the results were more than promising. <\/p>\n<p>Specifically, institutions would see the monthly close figure as an essential tool for reinforcing bullish sentiment. Bitcoin began October trading at around $10,750.<\/p>\n<p>Brandt tweeted:<\/p>\n<blockquote><p>\u201cBitcoin&#8217;s closing price in Oct was within dollars of the highest monthly close EVER. Why do monthly prices matter? B\/C month-end asset valuation is how institutional participants appraise their holdings &amp; investments.\u201d<\/p><\/blockquote>\n<p>On the weekly chart, meanwhile, $14,000 remains as clear resistance, with only a brief wick over the weekend providing any clues of strength to flip the level to support. Beyond $14,000, very little remains in the way of Bitcoin rising towards its \u201cultimate\u201d resistance at all-time highs near $20,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fundamentals_set_to_shake_up_mining\"><\/span>Fundamentals set to shake up mining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph noted last week, Bitcoin network fundamentals are seeing upheaval currently. <\/p>\n<p>Difficulty, a measure of the competition and economic health of miners and an essential part of Bitcoin\u2019s self-maintaining ecosystem, is set to drop by the most since March on Tuesday.<\/p>\n<p>At -14.27% according to <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">publishing-time estimates<\/a>, the difficulty will mimic its losses following the cross-asset crash induced by the coronavirus. <\/p>\n<p>The phenomenon is not necessarily bad. Lower difficulty means easier participation for smaller miners, while increased participation overall will lower Bitcoin transaction fees and decrease block times, both of which have risen sharply over the past two weeks.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/d1c1a201-53e3-4104-814f-03b95e1e5f98.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate 2-month chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>Like difficulty, the network hash rate also continues to decline, down from a record weekly average of 146 exahashes per second (EH\/s) to 107 EH\/s at press time. <\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Get ready for US elections: 5 things to watch in Bitcoin this week &#8221; Bitcoin (BTC) starts a new week and month just dollars away from its highest monthly close in history \u2014 what\u2019s in store next? Cointelegraph takes a look at five price factors which may influence BTC\/USD as the U.S. goes to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":102988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/51813402-cd98-4df1-bb2c-8ea32e92bc76.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,70288,73785],"class_list":["post-102987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-elections","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=102987"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/102988"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=102987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=102987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=102987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}