This week the markets and the crypto community have been at the command of the presidential votes of the United States that, without a doubt, have generated a great fuss even in crypto. But above all, Bitcoin has stood out.
Faced with so many events and events, today we bring you a summary of the most important news of the week and, therefore, you cannot miss it.
Bitcoin found strength in the elections, but how did it react to the result?
Just yesterday in the crypto daily summary of CriptoTendencia we commented on how the stock market and the crypto market began to react as the vote count was ending.
Bitcoin has had a spectacular week. The leading crypto’s price on November 1 was just $ 13,730 according to CoinMarketCap; while at the time of writing, the price of BTC is $ 15,220.
Specifically, the factors that could drive the price of crypto are the presidential votes, along with the uncertainty generated by the results, and the prospects for economic policies in the United States that could weaken the dollar.
In fact, overnight on Thursday, Bitcoin got very close to $ 16,000, marking a new yearly high. This happened as Donald Trump and Joe Biden battled in the open field (Twitter, of course).
Just on Thursday, the uncertainty reached its climax, since by Friday the vote count already pointed to a clear victory for Biden and the crypto market reacted.
On Friday the stock market did not react very well as Biden was already considered the next president of the United States. However, Biden’s victory was made official yesterday but we will not see the reaction of the markets until tomorrow, Monday.
However, Bitcoin did get to see how it took a step back. Dropping from $ 15,500 to $ 14,700 to later recover to the current level of $ 15,220.
Pro-Trump crypto traders lose a lot of money
Several times we have mentioned in CryptoTrend the prediction crypto markets where you basically bet on something to happen or not. Yesterday one of the markets was defined after the results were known.
The Democratic candidate, Joe Biden, won the US presidential elections and, with it, Donald Trump must say goodbye to the White House although he will fight.
Consequently, FTX futures on the US elections were closed at a loss for everyone who invested in the TRUMP contracts. Namely, it is estimated that crypto traders lost around $ 11 million on these contracts.
However, these contracts expire on January 20, 2021.
Joe Biden’s victory on the Blockchain
The Associated Press yesterday registered Joe Biden as the next president of the United States on the Blockchain with the help of Everipedia. Being the first president to record his victory on the Ethereum and EOS Blockchain.
The goal is to publish the election results to reduce misinformation.
Silk Road funds ring again in the crypto community
This week 69,370 Bitcoins were moved from an address associated with Silk Road. At the moment it is attributed to an anonymous user although there is a suspicion that it could have been its creator, Ross Ulbricht, from the jail where he is serving a life sentence.
However, it seems that it will remain a mystery as well as where the rest of the crypto profits made from the illegal scheme are.
Phase 0 of Ethereum 2.0 has a date and a clear crypto bettor
During this week it was reported that December 1 has been designated for the launch of phase 0 of Ethereum 2.0, something that the crypto community has been waiting for a long time.
In fact, before the announcement, Vitalik Buterin, co-founder of Ethereum, rushed to make a crypto deposit for 3,200 ETH to the address of the Ethereum 2.0 deposit contract.
Buterin explained that he hopes the warehouse will continue to attract people “as stakers take their coins out of cold storage, get comfortable with the tools and trust the tools to work, etc.”
It was certainly a great bet on the crypto personality, will others follow him?
A terrible crypto mistake that cost too much
As we reported in CryptoTrend, this week a user accidentally paid more than 23 ETH in a reality transaction on Uniswap for USD 120. Yes, you read that correctly; paid much more in commission than the amount of the transaction.
They imagine? Make a small payment and have your life savings disappear?
“Metamask did not fill in the Gas Limit field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction but instead of writing 200,000 in” Gas Limit “input field, I wrote it in the entry field “Gas price”, so I paid 200,000 GWEI for this transaction and destroyed my life “explained the crypto user on Reddit.