Biden Presidency Boosts Ethereum Price by 3.57 Percent to $412 Per Coin
Ethereum, the world’s second most capitalised cryptocurrency, gained 3.57 percent ahead of Joe Biden’s presidency.
The coin gained 3.57 percent to $412.25 per coin with 24 hours trading volume of 34,753,922 ETH or $14,327,297,975.
The coin market capitalisation rose to $46.709 billion as traders expect Joe Biden Presidency to stimulate the world’s most powerful economy, the United States, with quantitative easing and aid economic recovery.
Bitcoin recorded the most gain as the world’s most dominant digital currency gained 8.33 percent to $15,172.34 per coin in the last 24 hours with a total volume of trade rising as $35,350,632,424 or 2,329,939 BTC.
Joe Biden leading the U.S Presidential election with 264 electoral colleges to 214 by President Donald Trump. Biden is expected to win the US presidential election with him leading Arizona, Nevada and very much in the race in Georgia, Pennsylvania and North Carolina.
Experts believe Biden’s president will force the much-needed decorum across the United States and help bring the people together once again.
Why is this Affecting Cryptocurrency Prices?
It is because the United States has the largest investors, both institutional and individual, in the cryptocurrency space.
A healthy US economy would increase capital inflow into the cryptocurrency space and vice versa.