On Saturday, Democratic candidate Joe Biden announced as the winner of the US presidential election. Bitcoin price dropped following the expected news.
At the time of publication the news, BTC trades at USD $15,018.14. It traded between USD 15,250 and USD 15,400 when the news about Biden’s victory started to circulate at around 16:00-17:00 UTC on November 7.
The price is now down by 3% in a day, trimming its weekly gains to less than 10%. Other major coins are down by 4%-8% in a day.
Biden, who now should become the 46th president of the United States, has secured 284 electoral votes while 270 were necessary, Trump has 214, according to Bloomberg data.
In November 2016, when Trump won his presidency, BTC traded at around USD 700. The crypto community are hoping that if Democrats come into power, then the approach to regulating cryptocurrencies would be more positive.