05.11.202012:04 Forex Analysis & Reviews: Bitcoin's growth accelerated amid partial US presidential elections result

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The result of the 2020 US presidential election is still unknown. However, the most popular cryptocurrency, bitcoin, has already reacted with significant growth against the background of this event rising 4% on Thursday. According to CoinMarketCap, which calculates the average price across more than 20 exchanges, Bitcoin surged to $14,339 by morning. The same indicator is observed on the largest cryptocurrency exchange in terms of trading volume, Binance, where Bitcoin grew by 3.98%, approaching $14,345. This indicator is observed for the first time since January 2018. At the time of this writing, Bitcoin has risen to $14,446.

Joe Biden still leads the race and is only six electoral votes lacking for an unconditional victory. Donald Trump, on the other hand, is not hasn't given up yet and on Wednesday announced his victory while accusing the Democrats of trying to falsify this election. Thus, a recount of votes is quite possible in the near future. One way or another, Trump's headquarters intends to demand this in case of defeat.

All these events significantly influenced the psychological background of the cryptocurrency market. It is clear that investors are turning their attention to safe-haven currencies, especially in the past few days. This creates the basis for a sudden rise in bitcoin, which has already managed to renew its two-year maximum value. Moreover, it is highly likely that by the end of Thursday, the bitcoin rate may increase to $15,000. And this will be the first time in the past few years.

Independent expert Mansur Huseynov notes that the likelihood of further growth in bitcoin is very high. This is due to the fact that if Biden wins, the new US policy will be aimed at implementing large-scale stimuli for the economy, and against this background, the dollar will become even weaker in the medium term.

This position is echoed by the director of Binance in Russia, Gleb Kostarev, who is confident in the further growth of bitcoin. The demand is largely related to the delay in the process of announcing the results of the US elections. And in such a situation, it is not surprising that investors focus their attention on those assets that can show profitability. For this purpose, Bitcoin will perfectly cope.

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