The price of Bitcoin skyrocketed, rising more than 10% with the ballot box count in the U.S. presidential election.

Thus, while Trump and Biden fight at the polls and in court to find out who the new president of the USA will be, the climate of “turbulence” in the election has been causing the BTC to soar.

In this vein, the popular crypto analyst Nicholas Merten believes that Bitcoin (BTC) will not be negatively affected by the presidential election in the United States.

On the other hand, he notes that the stock market may implode.

BTC will not be affected

In a new episode of DataDash, Merten notes that Bitcoin saw the same type of price action on election night as in the previous days and weeks.

“This plays on our theory that we have proposed – that Bitcoin will not really be negatively affected in any way. No candidate really offers such a dramatic or negative benefit to cryptocurrencies as an asset class, ”he said.

However, for the analyst, the same does not happen in the stock market.

“The US stock market, however, can be a different story. The election results in several states are likely to be challenged by President Donald Trump. The stock market doesn't like the uncertainty of a contested election, ”notes Merten.

In addition, according to him, it also seems more and more likely that Congress will split again. Thus, leaving the USA at the mercy of a possible legislative deadlock.

Merten also noted that the US stock market is still recovering from the devastating financial impact of the pandemic. Now, he wants to see stimulus legislation.

However, a division of Congress means that the legislation is much less likely to pass.

Contested election

The analyst says that the double combination of a contested election and a future legislative deadlock could be the same as a "disaster scenario" for actions in the United States.

On the other hand, some cryptocurrency analysts think the election is likely to be good for Bitcoin, regardless of who wins.

Ryan Watkins, senior research analyst at Messari's company, says the data indicates that the presidential elections are the main cause of Bitcoin's bullish races.

Read also: Traders who bet on the fall of Bitcoin lose R $ 345 million

Read also: Users withdraw R $ 5 billion in Bitcoin from Binance in one day

Also read: Investing in Bitcoin is easy if you learn here

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