Bitcoin Slides to $13,500

"Bitcoin has lost about 2% over the last 24 hours and is currently trading at $13,400. The crypto has dropped to $13,250, where it has started to receive the attention of buyers. The trading volume on the Bitcoin network has posted a 20% increase over the last day to $30B. On the other hand, the Bitcoin dominance index has continued to grow, specifically by 64% over the past day.

Capital continues to flow into Bitcoin coinciding with one of the most important events in the world economy: the US elections. A second term in the US is pretty frequent, however, in the case of Trump, the dissatisfaction of many citizens with the president is so high that the Democratic candidate could end up taking over the presidency.

The worst short-term scenario for the global market is the non-acceptance of the election results by one of the candidates, massive social protests, an extreme increase in volatility, events that could trigger a sell-off of profitable assets in the markets. Bitcoin, following this example, would also fall, as happened in March. It is difficult to predict how far the pressure on the crypto would go and how long it could last. However, there is no doubt there will be many people willing to buy the asset with discount, so the recession process is unlikely to last for too long.

Another possible scenario is that some of the negative potential of the elections is already included in current prices, and in the absence of significant post-election stress, the market will continue to function according to the previously developed plan."