Bitcoin Jumps Over $14.5 K, Bringing 2020 Returns Over 100 percent

Bitcoin Jumps Over $14.5 K, Bringing 2020 Returns Over 100 percent

Bitcoin's price rally is powering despite the fact that US elections are still undecided. The highest market cap cryptocurrency soared to a 33-month high of $14,558 shortly before the press time , bringing the year-to-date gains to 101 percent, according to the CoinDesk Bitcoin Price Index. In the last four weeks alone, the cryptocurrency has registered a 38 percent rally. Prices experienced a marginal decline from $14,000 to $13,520 during Wednesday's Asian trading hours after President Trump's win in Florida and other key states seemed to minimize the chances of a broader fiscal spending plan under the leadership of Democrat Joe Biden. The fall, however, was quickly reversed and the cryptocurrency resumed its uptrend from October to close to $10,400, likely on hopes for continued stimulus from the Federal Reserve. “We may not know what a post-election [fiscal] stimulus may look like, but investors continue to believe that the Fed will keep printing money at a pace that favors bitcoins finite supply,” John Kramer, a trader at Crypto Liquidity Provider GSR, told CoinDesk. The central bank is unlikely to limit or stop liquidity-boosting bond purchases designed to increase inflation, and has vowed to hold interest rates down for some time after inflation has risen above the 2% mark. The central bank is likely to replicate the double bias later today and could show a desire to do more if the election results in a prolonged period of instability for the economy and markets. ” If there is social disorder because of a Trump win, the Fed prints. If the election result is a blue wave and taxes rise, the dollar falls because the Fed prints more, and more and more,” said Bill Noble, Chief Technical Analyst at Token Metrics, a cryptocurrency analysis firm. According to sources, Biden is closer to the White House, but the jury is still out, with President Trump filing litigation in key states trying to delay the count of postal votes. Source: finance.yahoo.com