Cryptos selloff in Reaction to Media calling Biden Presumptive President Elect
It's clear that LINK and the crypto world reacted negatively to Biden being announced the presumptive President-Elect by the "Media" yesterday morning. Consequently, cryptos sold off heavily in reaction to the realization that capital gains tax would impact a majority of US traders/investors.
Classic "Sell the News Event"
Although this was a classic sell the news event that whales use as cover to sell and scare longs into selling and forcing liquidations to buy lower, the market has realized that in reality the election will continue to be contested for weeks in a replay of the 2000 Bush v. Gore election when a single county in Florida forced the election to be contested all the way to December 14th, the Deadline for Electoral votes to be submitted by each state.
I expect there to be many more ups, downs, and surprises along the way to December 8th (the 6-day Safe Harbor Deadline before the 14th) and ultimately the 14th.
This will continue to be the key risked weighed on markets in the coming weeks leading up to December. As the probabilities shift from Biden or Trump winning, the market will react accordingly. With probabilities favoring Trump having a positive effect on Cryptos and those favoring Biden having a negative effect as I explained traders and investors will begin pricing in increased cost of business as Biden is favoring increased capital gains tax and the uncertainty on his views regarding crypto remain a headwind.
It could turn out that if Biden does indeed win that he may have a neutral view on crypto and may only raise cap gains on those earning over $400k. Currently, the crypto markets are interpreting a Biden win as devastating for all traders and investors (even those earning below $400k income per annum).
It is indeed looking increasingly likely that there are several key whistleblowers surfacing in the battleground states of MI, WI, GA and PA particularly. There is significant evidence surfacing that erroneous software was used in polling machines that affecting up to hundreds of thousands of ballots in totality. Additionally, there are USPS whistleblowers that have surfaced in PA that uncovered a plan to backdate ballots that were received after the 8 PM deadlines in each state.
The most devastating news item to Biden's chances of winning thus far is the non-compliance of PA election officials to submit to Supreme Court Justice Alito's order of separating ballots that were received after 8 PM and those prior to. This increased the chance that there will be severe consequences coming down from the Supreme Court as disobeying a judge's order will be interpreted as unconstitutional.
In summary, the election is far from over as most casual observers and those who live outside the US have very little insight into.
It's clear that LINK and the crypto world reacted negatively to Biden being announced the presumptive President-Elect by the "Media" yesterday morning. Consequently, cryptos sold off heavily in reaction to the realization that capital gains tax would impact a majority of US traders/investors.
Classic "Sell the News Event"
Although this was a classic sell the news event that whales use as cover to sell and scare longs into selling and forcing liquidations to buy lower, the market has realized that in reality the election will continue to be contested for weeks in a replay of the 2000 Bush v. Gore election when a single county in Florida forced the election to be contested all the way to December 14th, the Deadline for Electoral votes to be submitted by each state.
I expect there to be many more ups, downs, and surprises along the way to December 8th (the 6-day Safe Harbor Deadline before the 14th) and ultimately the 14th.
This will continue to be the key risked weighed on markets in the coming weeks leading up to December. As the probabilities shift from Biden or Trump winning, the market will react accordingly. With probabilities favoring Trump having a positive effect on Cryptos and those favoring Biden having a negative effect as I explained traders and investors will begin pricing in increased cost of business as Biden is favoring increased capital gains tax and the uncertainty on his views regarding crypto remain a headwind.
It could turn out that if Biden does indeed win that he may have a neutral view on crypto and may only raise cap gains on those earning over $400k. Currently, the crypto markets are interpreting a Biden win as devastating for all traders and investors (even those earning below $400k income per annum).
It is indeed looking increasingly likely that there are several key whistleblowers surfacing in the battleground states of MI, WI, GA and PA particularly. There is significant evidence surfacing that erroneous software was used in polling machines that affecting up to hundreds of thousands of ballots in totality. Additionally, there are USPS whistleblowers that have surfaced in PA that uncovered a plan to backdate ballots that were received after the 8 PM deadlines in each state.
The most devastating news item to Biden's chances of winning thus far is the non-compliance of PA election officials to submit to Supreme Court Justice Alito's order of separating ballots that were received after 8 PM and those prior to. This increased the chance that there will be severe consequences coming down from the Supreme Court as disobeying a judge's order will be interpreted as unconstitutional.
In summary, the election is far from over as most casual observers and those who live outside the US have very little insight into.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.