Bitcoin Soars to $15,950 on US Election Uncertainty November 6, 2020 November 6, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsNovember 6, 2020 by Kelly Cromley

Bitcoin Soars to $15,950 on US Election Uncertainty

In the past 24 hours, the price of Bitcoin (BTC) appreciated over 10% crossing above the $15,000 level for the first-time since January 2018 and hitting a yearly high of $15,950.

At the time of writing this article, the numero uno crypto has retraced slightly to $15,684.60.

As per crypto analytics platform Messari, Bitcoin, in its 12-year history, has traded above $15,000 for over 20 days and above $15,109 for 19 days. This accounts for 0.4% of cryptocurrency’s life since it was introduced in 2009.

Grayscale CEO Barry Silbert reacted to the latest price volatility as follows:

“People will never again say Bitcoin is dead.”

Bitcoin has turned bullish against the backdrop of news reports that the US Department of Justice has taken steps to confiscate over $1 billion worth bitcoin from unidentified hacker who gained control over a Silk Road wallet.

It can be remembered that an unknown crypto user transferred 69,370 Bitcoin, worth about $1.08 billion as per prevailing price, on Wednesday. It was the first time an individual or entity associated with darknet market has transferred huge quantity of Bitcoin since 2015.

In the US, Joe Biden, the presidential candidate, just needs six electoral votes to clinch victory, with counting continuing in Georgia, Arizona, North Carolina, Pennsylvania, and Nevada. Several industry professionals are forecasting the volatility in the crypto and market to continue until a winner gets declared decisively.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.