The US elections are almost over, how are the markets reacting?

The US elections are coming to an end and there is already a possible winner. How are the markets reacting, especially crypto?

The markets, both stock and crypto, have been reeling from the US election. Yesterday both reacted positively as the race hardened, today they diverge.

Bitcoin continues on its upward path, the stock market takes another path

Yesterday Bitcoin managed to reach a new annual high during the day above USD 15,000 and later almost touched USD 16,000.

At this point, Bitcoin is trading at USD 15,572 according to Crypto Online, the Crypto Trend tool.

However, the stock market, despite being in the green yesterday; today the Dow Jones was hit hard and fell 66.78 points, which corresponds to a drop of 0.24%. Also, the S&P 500 lost a point during today’s trading.

The markets reaction is a consequence of the US elections. Biden currently has a clear lead and although he has not yet reached the required 270 members, the numbers point to his victory.

Therefore the markets are reacting to Biden’s victory and the possible passage of a coronavirus relief bill, i.e. the FED will have more work.

The stock market has reacted negatively to the events but the leading crypto continues to point upwards.

Vitalik Buterin puts his hands in the fire for crypto Ethereum 2.0

Vitalik Buterin, co-founder of Ethereum, sent around 3,200 ETH, a crypto value of approximately USD 1.5 million to the Ethereum 2.0 deposit contract.

Currently 32 ETH are required to bet on the blockchain, however, Buterin did not settle for the minimum. Please note that the amount of crypto to be deposited must remain in storage for a period of at least two years.

We will see the crypto phase 0 of ETH 2.0 in December

Precisely with the above news, a date has been given for the launch of phase 0 of ETH 2.0. As we informed in CryptoTrend, it will be on December 1st.

After many years of suspense, finally the crypto community has a definite date for the first launch of ETH 2.0.

Square’s crypto app, Cash, is more than happy with Bitcoin

The third quarter report of Cash, the Bitcoin Hero application of Square, was recently released, with the firm attributing the majority of revenues to Bitcoin. Specifically, 80% of the revenue.

The report also revealed a 1.100% growth in Bitcoin’s revenue over last year.

DeFi swallows Bitcoin dust

For a long time DeFi was the centre of attention in the crypto market, however, Bitcoin decided to reclaim the site again.

Overall, DeFi provoked a feeling of FOMO in the crypto community, which led them to turn their attention away from Bitcoin. However, the economic and political context renewed Bitcoin’s appeal and left DeFi behind.

Just today Changpeng Zhao, Binance’s CEO, wrote a rather funny Tweet where he said: „Bitcoin says to the DeFi: Grab my beer“. This is a way of saying that now it’s Bitcoin’s turn to show what he can do.

In a few lines…

  • UnionPay will offer a new virtual card that will have support for crypto.
  • Jerome Powell says the FED must increase printing money, Tyler Winklevoss says his speech is a clear signal to buy crypto, specifically Bitcoin.
  • Bank of Russia expresses interest in developing its own digital currency.