Digital asset market has grown amid Biden’s victory in the 2020 US election

The digital asset market has grown amid Biden's victory in the 2020 US election.
The digital asset market has grown amid Biden's victory in the 2020 US election.

Despite investors’ distrust of the new American president, many cryptocurrencies added to the price. Digital asset market participants are confident that during the reign of the new US president – Joe Biden – the economy will show stable indicators. Therefore, against the background of the election of the head of state, the national currency of America began to give a decrease, reports Reuters.

Other currencies, which many consider risky, on the contrary, turned out to be more in demand among market participants. For example, New Zealand and Australian dollars showed positive movement.
The S & P 500 index, after active growth between October 30 and November 5, went sideways. NASDAQ Composite followed suit.
Shares of many major technology companies, including Tesla, Apple and Microsoft, also went sideways.

The digital asset market on the contrary began the week with growth. Bitcoin, at the time of writing the news, is trading at $15 386 (according to CoinMarketCap). Per day, cryptocurrency rose by 2.26%. Most digital assets followed the example of BTC. It is noteworthy that earlier participants in the crypto community preferred Trump as a president more promising for the digital asset market.

According to analysts, Joe Biden will support a policy of quantitative easing, which implies the printing and injection of new batches of dollars into the US economy. The chosen approach, due to an artificial increase in the volume of currency in the market, can negatively affect its value.
We will remind, earlier BloomChain understood what awaits the American fintech after the 2020 US presidential election.

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Anna Yakushenko
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