It was an incredible 24 hours in markets, which rallied when the election looked like it had a clear result and sold when the result looked more questionable.
As the result currently sits, it is a weak Biden victory in which pollsters were dramatically incorrect once again. Trump was ahead by hundreds of thousands of votes before mail-in votes were counted that gave Biden an edge. The Trump side is contesting these mail-in votes by suggesting fraud. There are plenty of reasons to suggest that this must be definitively decided.
It couldn’t be called a win for progressive politics, it could be called a win for the technocracy and the slow grind of centralised power.
If the progressive movement could be identified as a reaction to the Bush administration, a similar reaction has developed in response to its hubris and it will take at least 1 more US Federal election for that to play out. It all leads to a more extreme political reality.
Bitcoin traded higher during the election period, and still looks capable of making a leg higher. However whether the same type of control is re-established that had been around $9k, $10k, $11k and $12k the first time must be considered seriously.
BTC last traded at $14,119
24 hr high: $ 14,277
24 hr low: $ 13,520
Although it would not be surprising to see BTC rally from here the short is the only viable risk/reward trade besides a momentum trade on the break, which technically has already occured and traders might have been stopped out from it. It could be a great place for selling volatility and countering all break-out attempts.
Eth had a strong move after its deposit contract went live, with the launch date to be the 1st of December. There are still more transitions to occur that will take several years to play out.
Eth last traded at $401.35
24 hr high: $ 409
24 hr low: $ 375
Digital assets were mixed overnight, perhaps still held up by bitcoins dominance.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||6.64||0.60212||10,619,643.00||$364,435,341.00|
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