Election Season Crypto & Bitcoin Updates – November 5, 2020

Crypto & Bitcoin Updates – November 5, 2020: As the United States’ Presidential, Senate and House in full gear – with high uncertainty who won the White House 2 full days after the first in-person ballet was casted, the crypto & bitcoin market left little doubt who the winners are. Below are some good news to help you overcome your election anxieties.

Election fever? Bitcoin surges 9% to trade near $15,000

Bitcoin (BTC) and the overall cryptocurrency market is on fire today. The first crypto coin gained 9% and approaching near $16k in less than 24 hours. The better sign that Bitcoin is bullish and will continue the its upward pattern, is the fact that it’s been up 10% in the last 7 days, 27.3% during the 90-day period.

Bitcoin price remained $10k+ in the past 100 days. In just 1 day, $125 billion has been added to the crypto market. It’s total value stands at $430 billion, at the time of this publication. 

Mike McGlone, a Senior Commodity Strategist at Bloomberg wrote on Twitter, with certainty that in 2021 Bitcoin will reach “parabolic” level. 

“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply. “

Ethereum, Ripple’s XRP, Chainlink And Litecoin prices soar to new heights

Bitcoin has a reputation for boosting most altcoins’ prices when it suddenly surge and vice versa.  Every single coin on the top 10; based on market capitalization has seen at a price surge between 5-14%. Ripple’s XRP; the fourth largest virtual currency; by marketcap is currently trading at $0.2425.

That’s up more than 5% in 24 hours. Smart contracts project, Chainlink (LINK) and one of bitcoin’s oldest competitors, Litecoin (LTC) gained between 5%-14% in the same period.

Silk Road stolen Bitcoin moved

Update: It is reported that the United State Department of Justice has seized the 69,369 bitcoin worth $1b. We will keep you updated as more news come in. 

Over $1 billion worth of Bitcoin stolen from the Silk Road; the early and illegal dark-web marketplace have moved in the last few hours. 69,369 Bitcoins has been transferred from “1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx,” a bitcoin address belong to one of the alleged hackers.

The transfer was discovered by @Whale_alert 11; a Twitter bot whose main purpose is to trace, track and report stolen bitcoin and crypto. That same address transferred 101 BTC to BTC-e crypto exchange back in 2015. BTC-e has since shutdown operation. 

Bitcoin Cash (BCH) upcoming fork

On Sunday November 15 (11 days from the time of this post), Bitcoin Cash (BCH) developers will upgrade the network. It is expected that a fork will occur at 1,000 blocks. Released reports revealed today that miners have already mined 754 out of the 1,000 blocks using BCHN software. 

Bitcoin backer is going to Congress

Cynthia Lummis, a Republican U.S. Senate candidate has been elected, in a special election to replace Mike Enzi (R), a retiring senator in Wyoming; a state in the western United States. 

Senator elected, Lummis is an active bitcoin investor and a crypto enthusiast who can land another voice to the plight of Bitcoin and cryptocurrency in the United States government in 2021 and beyond.  

Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.

Source: https://www.cryptozink.io/election-fever-cryptocurrency-bitcoin-market-update-november-5-2020/