Bitcoin fell Wednesday alongside traditional markets after President Trump alleged “fraud” in the presidential election and pledged to stop vote counting.
- Bitcoin was trading at $13,580 at time of writing, representing a 3.3% decline on the day. The fall reversed a rally to $14,000 seen late on Tuesday, according to CoinDesk’s Bitcoin Price Index.
- The cryptocurrency had begun losing ground during the early Asian trading hours after media reports projected a victory for U.S. President Donald Trump in key states such as Florida, dashing hopes for a Democratic sweep and a bigger fiscal stimulus package under former Vice President Joe Biden’s leadership.
- The sell-off accelerated in the last hour, with bitcoin extending losses from $13,730 to $13,530, as Trump’s threat to stop vote counting ramped up political uncertainty and sent a tremor through traditional markets.
- “We want the voting to stop. This is a fraud on the American public, this is an embarrassment to our country,” Trump said without evidence. “We were getting ready to win this election and, frankly, we did win this election.”
- S&P 500 futures are now trading 1% lower on the day. Nasdaq futures, are currently up just 0.8% compared to a 4% gain seen early today, according to data source Investing.com.
- The U.S. 10-year yield is now down near 23 basis points at 0.77% on increased haven demand for the government bonds. (Yields move in the opposite direction to bond prices).
- Trump claimed victory at an event held at the White House early today even though the vote count in states such as Michigan, Wisconsin, North Carolina, Nevada, and Pennsylvania is still not complete.