Bitcoin (BTC) starts a new week and month just dollars away from its highest monthly close in history — what’s in store next?
This week contains a geopolitical event which traditionally plays havoc with markets: the U.S. presidential election.
Coming at a time when coronavirus angers and restricts daily life for many U.S. citizens, markets will be keenly watching the result for clues as to the incoming president’s future policy.
The implications are not just social. Economic firsts have accompanied the virus, with consequences including companies ditching fast-inflating cash for Bitcoin.
As Cointelegraph reported, analysts believe that regardless of who wins, the result will be a boon for safe havens such as gold. Bitcoin, despite becoming less tied to macro markets in general, may yet react to moves in the strength of the U.S. dollar.
On Monday, the U.S. dollar currency index (DXY), an indicator with which BTC/USD has shown inverse correlation, continued a week-long climb to rise above 94.
Read more: https://www.investing.com/news/cryptocurrency-news/get-ready-for-us-elections-5-things-to-watch-in-bitcoin-this-week-2338479