An analysis has been published showing that Bitcoin shows certain patterns during US presidential elections. According to Bitfinex analysts, "In the 2016 and 2020 presidential elections,
"Bitcoin experienced a large drop before the election and a strong rebound after the election. A similar pattern was observed in 2012, and we are seeing repeated trends associated with election seasons."
During the 2020 election, it plummeted by about 16%. According to Coingeco data, the price of Bitcoin was at $12,000 just two months before the November 3, 2020 presidential election.
The price of Bitcoin fell from $750 to $10,000 in 2016, but recovered around the time of the election. The drop was even more pronounced in 2016, when the price of Bitcoin fell from $750 to $10,000 in 2017, about three months before the election.
It fell more than 30% to $500. In 2012, during the early days of digital assets, there was also a large drop of about 75% about 80 days before the election.
He explained that such patterns are due to a variety of factors, including seasonality, timing and correlation with market uncertainty.
2024/08/30 10:59 KST
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