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An Eventful Year for Bitcoin and the Global Economy
Source: CoinGecko, Bitcoin Price Chart from January 1, 2020 to September 29, 2020
2020 was undoubtfully an eventful year, due to the aftermath of COVID-19, for the global economy. Bitcoin, also known as "Digital Gold", was also unable to avoid the impact of the pandemic. Earlier this year, Bitcoin was moving sideways from the 8,000 to 9,000 US dollar levels, but when the global stock market plunged around the end of March, it fell to around 4,000 USD in a very short period of time.
Many economists were pessimistic about the prompt recovery of the global economy based on past experience of the subprime financial crisis and the worsening of the COVID-19 situation. Nevertheless, thanks to the emergency stimulus policies from many countries, the global stock market rose up again very quickly and showed record-breaking high points every day as if nothing happened. Bitcoin also broke through the 10,000 USD line in August this year, rising to the point close to 12,200 USD. In the course of Bitcoin's rise, the fluctuation of Bitcoin moves almost like the fluctuation of the U.S. stock market, showing a perfect coupling with the U.S. stock market.
How Will The US Election Impact The Fate of NASDAQ and Bitcoin?
Source: Investing.com, NASDAQ chart before and after the US Election on Nov 6, 2012
The US presidential election is scheduled for November 3, 2020. Financial and cryptocurrency traders around the world paying close attention to this election, and we know why by checking the chart above which shows NASDAQ prices before and after the past presidential election.
At the time of the US presidential election on November 6, 2012, the NASDAQ was moving sideways around the 3,000 USD level, but it showed a steep rise right after the election, breaking the 4,000 USD level the following year, showing tremendous upside. The NASDAQ flow chart at the time of the US election on November 8, 2016, is similar. NASDAQ, which was about 5,400 USD during the 2016 election, showed a rise, breaking the 6,000 USD mark the following year after the election. Because of this, financial and cryptocurrency traders around the world have keen eyes for this year's US election, and the majority of traders are expecting a huge rise in global stock markets and Bitcoin prices. Also, in the case of Bitcoin, the expectation is increasing even more since this is the post halving season.
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I’m reviewing the 2010s in Bitcoin. This is the story about 2012 in Bitcoin. Read about 2011 here. "There's no central bank to regulate it; it's digital and functions completely peer to peer ... Bitcoin bulls are being kept at bay by the U.S 2020 election uncertainty according to Northern Trust Wealth Management CIO, Katie Nixon. Speaking to MarketWatch, she noted that the crypto markets volatility will increase further between now and the elections. This, coupled with the COVID-19 pandemic and ongoing U.S-China trade war could see BTC ... Bitcoin Halvings Happen At The Same Time As The United States Presidential Elections. The bitcoin protocol was designed such that it undergoes halving after every four years (or every 210,000 blocks). This event has already happened twice before in bitcoin’s existence. The first halving happened in November 2012. Four years later in July 2016, bitcoin underwent its second halving. The third ... The BTC/USD exchange rate began the 7-day timeframe with a decent jump – and it spent the rest of the time trading upward. That was despite the uncertainty surrounding the next US fiscal stimulus and the presidential election on November 3. Bitcoin remained the best-performing safe-haven asset after closing the week about 13 percent higher. At the time of the US presidential election on November 6, 2012, the NASDAQ was moving sideways around the 3,000 USD level, but it showed a steep rise right after the election, breaking the 4,000 USD level the following year, showing tremendous upside. The NASDAQ flow chart at the time of the US election on November 8, 2016, is similar. NASDAQ, which was about 5,400 USD during the 2016 ...
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