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Bitcoin’s Bumpy Ride. US Picks Pro-Crypto Politicians in Midterm Elections

Dave Jackson Dave Jackson, Stockhouse
0 Comments| November 7, 2018


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Cryptocurrency markets have stabilized following a period of medium gains, with Bitcoin (BTC) trading steadily in the US$6,500 region while the other major digital coins are positioned slightly in the red. The stability comes after an important US mid-term election cycle in which multiple pro-crypto and pro-blockchain politicians were elected into public offices.

At press time, BTC is trading at US$6,539.60 on Einstein Exchange, up about a percentage point over the past 24-hour trading period. Bitcoin is still trading in the middle of its long-established range, which has proven to be between US$6,200 and US$6,700 over the past month.

CLICK BELOW FOR LIVE CRYPTOCURRENCY PRICE INDEXES:

Bitcoin fell into this aforementioned range in early September, following its gradual move to US$7,400 and then its sharp drop to US$6,200. Since then, BTC has bounced between the top and bottom of this range, only briefly breaking through in mid-October when its price temporarily went above US$6,800 before falling back into the range.

Over the past couple of weeks BTC’s price action has further affirmed that this is a powerful trading range as its price rebounded quickly after it dipped into the US$6,200 region in late-October.

Another factor that could contribute to the steadiness in the crypto markets is the results of yesterday’s US mid-term elections, in which multiple pro-cryptocurrency and pro-blockchain politicians were voted into public office.

Democrat Jared Polis was one such politician and was elected as Governor of Colorado Tuesday. In the past, Polis has expressed his interest in cryptocurrencies, and has gone as far to state that he would ardently defend Bitcoin during his tenure as a U.S. Representative in Congress.

Another example of a pro-crypto politician that won a major mid-term election was Gavin Newsom (D-CA), California’s next governor. Newsom was one of the first politicians to accept Bitcoin donations for his campaign in 2014 and has notably said that he supports the progression of technology.

Despite their election to the governors’ mansions, it remains unclear what long-term impact these politicians will have on the adoption of cryptocurrencies as both technologies and means of payment.




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