Bitcoin, Other Cryptocurrencies Free Fall as President-Elect Joe Biden Promises Trillions of Additional Stimulus

Investors appear to be locking in profits and jumping off unregulated crypto-asset Bitcoin and other cryptocurrencies following the official declaration of Joe Biden as the President-Elect of the United States.

Bitcoin plunged by over $8,000 to $33.781 per coin, down from over $41.457 per coin it traded a few days ago.

Ethereum followed with a 15.17 percent decline to $1,067.30 per coin.

Stellar and Ripple lost 11.71 percent and 15.36 percent, respectively.

The decline in cryptocurrency value was as a result of the recent stimulus announcement by President-elect, Joe Biden, and the fact that Democrats now control both the lower and upper houses. It means little to zero policy hindrance when President Biden is officially sworn in on January 20, 2021.

Businesses and investors are now more optimistic about other sectors of the economy and expect the new stimulus package to boost stocks and other traditional assets that are better regulated than the crypto space.

It means institutional investors that are jumping on bitcoin and other cryptocurrencies have started holding back to assess new opportunities opening up with the incoming president.

Also, the American Dollar sustained its bullish trend against haven currencies and other currencies as investors up purchase of American assets as evidenced in the surge in yield.