Bitcoin price jumps 3.7% in an hour as US election fever begins
2024-11-05

Bitcoin BTCUSD jumped up to 3.7% on Nov. 5 as United States Presidential Election volatility hit crypto.


BTC price volatility enters with a bang as voting begins
Data from Cointelegraph Markets Pro and TradingView tracked a blitz BTC price move to near $70,300 on Bitstamp.
A subsequent correction saw BTCUSD swiftly return to $69,500, but it was mostly short positions seeing liquidations as the abrupt surge caught the market by surprise.
“Sudden spot buying in unison,” popular trader Exitpump told followers on X about the latest BTC price action.
Some compared the landscape to previous election years, with fellow trader Moustache considering the likelihood of Bitcoin having already put in a local bottom.
“Imagine $BTC bottomed out just before the US election. The majority assumed it would happen afterwards,” he wrote alongside a comparative chart. 

Bitcoin closely copies previous election years
In its latest Weekly Report seen by Cointelegraph, onchain analytics platform CryptoQuant continued the similarities.
“The Bitcoin price has rallied after the last three US presidential elections,” it summarized. 

CryptoQuant went on to describe Bitcoin as “fairly valued.”
“This means that if there’s a positive catalyst after the elections, prices can rally as they are not overvalued,” it added.
Market volatility meanwhile conformed to expectations, as reported by trading firm QCP Capital.
“The crypto market is currently pricing in a +/-3.5% in BTC spot movement on the election night itself,” it noted in its latest bulletin to Telegram channel subscribers earlier on the day. 
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, was among those also seeing Bitcoin shrugging off the election to continue its bull run.
Here, he argued this week, inflows into the US spot Bitcoin exchange-traded funds (ETFs) spoke for themselves.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.