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Bitcoin Responds To Biden Victory With Rollercoaster Intraday Volatility

Bitcoin and cryptocurrencies are recognized for their notorious instability, increasing by large numbers just to track almost 90 percent of the overall increase. Except that usually occurs on a grander scale. Since Biden was proclaimed the winner of the US election, however, intraday volatility has skyrocketed.

While it was predicted that the “blue wave” victory will have dealt a devastating blow to the stock market, it is doing the absolute reverse, leading to the most positive day on the stock market since the April V-shaped recovery.

As reported, the historical movement in traditional markets has also spurred wild volatility in crypto, which last week saw a similar bullish impulse, pushing Bitcoin to a high of just under $16,000. But after Biden was revealed by the Associated Press as having reached the critical 270 electoral votes, Bitcoin plummeted by 10% in a sharp selloff. It responded quickly, however, with a 10 % increase back to highs. The hourly chart above illustrates how surprising the ride was on the way. After every 10% swing, another 4-5 percent swing, either way, has gone back and forth hourly since the beginning of the first week of work since the election was called. The stock market is opening any minute, and with futures rising, the volatility will only begin for Bitcoin after the blow-out of Biden’s blue wave victory.

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