{"id":104618,"date":"2020-11-04T12:04:50","date_gmt":"2020-11-04T09:04:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result\/"},"modified":"2020-11-04T12:04:50","modified_gmt":"2020-11-04T09:04:50","slug":"bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result\/","title":{"rendered":"# Bitcoin, stocks drop as markets uncertain about US election result"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a367f31523e7\" 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-6a367f31523e7\" 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\/bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result\/#Why_markets_fell_after_surging_during_the_vote_count\" >Why markets fell after surging during the vote count<\/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\/bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result\/#What_happens_to_BTC_in_the_near_term\" >What happens to BTC in the near term?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin, stocks drop as markets uncertain about US election result  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">The price of Bitcoin (BTC) suddenly fell by 3% in several hours on Nov. 4 to $13,566 after briefly\u00a0rising above $14,000. Coincidentally, the U.S. dollar, gold, and stocks all fell together in tandem.<\/p>\n<p>Analysts are pinpointing the uncertainty surrounding the election as the catalyst for the sharp correction. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/0a5bc904-8cb9-4872-83a8-2f2529b81999.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin 1-hour chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_markets_fell_after_surging_during_the_vote_count\"><\/span>Why markets fell after surging during the vote count<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When the mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> was actively reporting about the vote count, the price of Bitcoin and stocks rallied. Yet, after the vote count ended or the day, all risk-on and risk-off assets went into the red including S&amp;P 500 futures.<\/p>\n<p>Tracy Alloway, a financial journalist at Bloomberg and the co-host of Odd Lots, said it was likely due to President Donald Trump\u2019s statement. She <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/tracyalloway\/status\/1323891661693280258?s=20\">said<\/a>:<\/p>\n<blockquote><p>\u201cS&amp;P 500 futures don&#8217;t like Trump&#8217;s suggestion that he&#8217;ll go to the supreme court to challenge election results. Now in the red.\u201d<\/p><\/blockquote>\n<p>The recent drop of Bitcoin is noteworthy given that it dropped simultaneously with the dollar. Typically, when the dollar drops, Bitcoin and gold tend to rally, since both stores of value are priced against the dollar.<\/p>\n<p>As Cointelegraph reported, BTC saw a low correlation with other assets, including stocks in recent weeks. As such, the collective correction among most major assets comes across as an unexpected market response.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_happens_to_BTC_in_the_near_term\"><\/span>What happens to BTC in the near term?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to the data from CryptoQuant, the Estimated Leverage Ratio of Bitcoin futures on Binance hit an all-time high. This indicates that there are more traders in Binance\u2019s BTC derivatives market than ever before.<\/p>\n<p>Ki-Young Ju, the CEO of CryptoQuant, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1323886393471332352\">warned<\/a> traders on Nov. 4 about heightened volatility caused by cascading liquidations. If there are an abnormally large number of contracts in the market, it can cause massive price movements.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/79482ac1-ceab-476e-988c-05c04fe84e66.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Estimated Leverage Ratio of Bitcoin futures. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>In the short term, given the repeated rejection of BTC at $14,000, traders are leaning towards a market drop. <\/p>\n<p>There are several key support levels in the foreseeable future for Bitcoin. First, the $13,300 area has been defended with strength over the past week. If BTC continues to hover above $13,300, it would indicate resilience from buyers.<\/p>\n<p>Second, the $13,000 level has been supported with whale clusters since early November. This means whales accumulated large amounts of BTC at that level, which makes it an area of interest for buyers. <\/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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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\/bitcoin-stocks-drop-as-markets-uncertain-about-us-election-result\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin, stocks drop as markets uncertain about US election result &#8221; The price of Bitcoin (BTC) suddenly fell by 3% in several hours on Nov. 4 to $13,566 after briefly\u00a0rising above $14,000. Coincidentally, the U.S. dollar, gold, and stocks all fell together in tandem. Analysts are pinpointing the uncertainty surrounding the election as the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":104619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/8d5fdc79-df97-401c-9537-3543e2ed229a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,70288,71835,73785,70359],"class_list":["post-104618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-elections","tag-gold","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/104618","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=104618"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/104618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/104619"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=104618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=104618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=104618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}