All TOP-10 cryptocurrencies of CoinMarketCap market cap rating end the working week with a drop. At the press time, Bitcoin is trading at $ 10,440. During the last 24 hours, the asset lost 4.41% of its value. Chainlink token suffered the most in 24 hours (-11.92%).
Bitcoin went into decline amid charges against the owners of the popular digital asset exchange BitMEX. Analyst Willy Woo drew attention that the trading platform was not hacked. In his opinion, the negative impact of regulators’ claims against BitMEX on the digital asset market is exaggerated. The analyst notes that he is observing an influx of new users into the crypto industry. According to Willy Woo such changes will further lead the digital asset market, and Bitcoin in particular, to a positive movement.
The CFTC just announced they are turning the volume down on unregulated derivative exchanges and their dominance on price.
BTC is going to pop.
— Willy Woo (@woonomic) October 2, 2020
The Weiss Crypto team, in turn, believes that the rise in the price of BTC is only a matter of time.
#Bitcoin price has been flat for nearly a month, but on-chain data shows a bullish surge in new participants joining the network. The more people join the network, the more valuable it becomes. It’s only a matter of time before the price catches up.
— Weiss Crypto Ratings (@WeissCrypto) October 1, 2020
Also, many members of the crypto community associate the current drop in the rate of the most capitalized cryptocurrency with changes in the political situation in the United States. Including the fact that the current American president – Donald Trump – announced that he got Covid-19.
Investors’ logic can be represented as follows:
Bitcoin vs. gold on Trump news. Inverse correlation pic.twitter.com/f6u7PEzqhI
— Larry Cermak (@lawmaster) October 2, 2020
Donald Trump is a Republican. Statistics indicate that during the rule of the country by party representatives, the stock market often shows negative dynamics.
If Donald Trump, for health reasons, is unable to participate in the race for the post of leader of the United States, victory may go to his opponent, Joe Biden. The latter is a democrat. During the reign of party representatives, the stock market, on the contrary, often demonstrates positive dynamics.
Bitcoin rate correlation with the movements of the stock market, in the event of the victory of the Democrats, can positively affect the development of the crypto industry.
In addition, the current president of America has repeatedly made it clear that he has a negative attitude towards cryptocurrencies. Against the background of the leader’s rude statements, many members of the crypto community turned their backs on him.
Despite the fact that if Joe Biden wins, the US may raise the capital gains tax, the Democratic candidate, in comparison with Donald Trump, causes less negative emotions in many participants in the crypto community.
Under the post of the current head of America, in which he announces his illness, you can find many comments from popular crypto traders and investors. The authors of many messages note that what happened is for the better.