30s Summary

Bitcoin experienced a 3.7% increase, nearly reaching $70,300, in correlation with the US Presidential Election, before correcting to approximately $69,500. Prominent trader, Exitpump, alerted followers to these swift changes identifying the trend as “sudden spot buying in unison”. Historical data revealed that Bitcoin’s value has risen after the last three US elections, with a comparison being drawn to similar patterns seen in 2016. Charles Edwards, from Capriole Investments, predicts continued momentum for Bitcoin regardless of the election results, citing inflows into the US spot Bitcoin market as supporting evidence.

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Bitcoin (BTC) saw a little bump, around 3.7%, on November 5 as the nervousness around the US Presidential Election reached the world of crypto. The changes in Bitcoin are always interesting to track and this time, it was noticeable that the price of Bitcoin suddenly almost reached $70,300 on Bitstamp.

However, the price did quickly go back down to $69,500. This fast price change or what some people call a “correction” happened mostly in short positions. These fast and sweeping changes often catch the market off-guard.

A very popular trader known as Exitpump told his followers about these rapid price shifts. He referred to the sudden increase in Bitcoin as “sudden spot buying in unison.” Others compared this fast price change to what Bitcoin experienced during previous election years.

Looking at the history of Bitcoin, it seems that the price has risen after each of the last three US Presidential Elections. For example, Bitcoin’s price jumped up by 37% in 2016 from Election Day until the end of the year. It’s interesting to note that the price of Bitcoin in 2024 is behaving very similar to 2016.

Charles Edwards, founder of a Bitcoin and digital asset company called Capriole Investments, thinks Bitcoin will keep its momentum regardless of the election outcomes. He believes that the inflows into the US spot Bitcoin market give enough evidence to support his inclinations.

But sorry folks, this is not investing advice. Just observations on the market. You should definitely do your own research to make informed decisions. It’s essential to remember that any investment or trading move always has risks.