Despite all the positive news, crypto markets seem to be heading back into a slow downturn. This time it seems that it’s got nothing to do with the crypto world itself, but rather with the U.S. Midterm Elections and all the “you’re fired!” business that surrounds it. Here, we are of course talking about Jeff Sessions - an Attorney General no more.
The U.S. stock markets are rejoicing at the news of Republicans losing a grip on the house of representatives. Although the results are not yet in, the direction this is heading towards is rather obvious. But Republicans seem to be gaining in the Senate.
As we have seen in the past, there is enough evidence to suggest that the crypto market and the stock markets are inversely related. And it does seem like it’s the case this time around as well.
It’s been a chaotic few days in Washington overall, with even the journalists taking a hit, as is the case with CNN’s Jim Acosta’s, whose press credentials were revoked for allegedly placing hands on a White House intern. More important here, is the firing of Sessions.
We have reported in the past on the U.S. drawing a link between crypto, the U.S. election meddling, and the Russia ‘thing’ where Jeff Sessions was usually thrown in the mix of all that talk as he was supposed to head up the investigation. However, he himself became tainted in the process and therefore revoked himself from conducting the probe, and this is rumored to be a reason for his dismissal.
Regardless, it’s likely that the Russia - bitcoin - collusion link will be drawn again in the near future one way or another. Sessions successor Matt Whitaker does not seem to be a fan of the Mueller investigation into Russian meddling, but then he is only there on an interim basis for now. Therefore, no need to panic about the cryptocurrency market, it’s the U.S. politics shaking the scene.