Bitcoin dropped to $13,000 just before the U.S. presidential election. Bitcoin experienced a sharp drop after settling above $13,800.
Although the price started to fall last night, the downward trend became more pronounced in the early hours of November 2nd. Losing approximately USD 400. Bitcoin fell and is currently trading at USD 13,500 at the time of writing. According to our online crypto tool, it has registered a decreasing variation in the last 24 hours of -1.94%.
Although there are several hypotheses among analysts and enthusiasts regarding the market’s behavior, the one that is gaining more strength is the proximity of the elections in the United States. By tomorrow it could be officially known if Donald Trump is going to run for a new term as president of the country. Or, if on the contrary his rival Joe Biden will take over.
Meanwhile, the markets are reacting unfavorably and increasing sales operations while the price of the digital currency is going down.
BTC and other cryptos in red
As in the case of Bitcoin, the main currencies of the ecosystem are also going down this November 2nd. With similar percentage declines in most cases.
For the moment of editing, with losses close to or above 2% in the last 24 hours, we have coins like: Bitcoin Cash (BCH) -3.28%, XPR (XPR) -1.58%, Bitcoin SV (BSV) -3.41%. Just to mention a few, because just as Bitcoin went down, most other cryptosystems recorded similar drops.
Google Trends shows that Cuba is interested in Bitcoin
According to Google Trends data, Cuba is now the second country in terms of interest in Bitcoin in the last 30 days. The island nation follows Nigeria, which has remained the top country in the Google Bitcoin search since April 2020.
The rest of Google’s top five regions searching for Bitcoin include the African countries of South Africa, Cameroon and Ghana.
The increase in Bitcoin-related searches in Cuba comes amid reports that Cubans are increasingly using Bitcoin to circumvent U.S. sanctions. And gain access to digital financial services.
Given that major digital payment companies such as PayPal and Stripe are reportedly available to Cuban citizens. Travel restrictions due to the coronavirus pandemic have further complicated local payments.
ECB President Announces Digital Euro Survey
The President of the European Central Bank, Christine Lagarde, announced on Sunday a public opinion poll by the ECB regarding the issue of a digital euro.
„We started to explore the possibility of launching a digital euro. As Europeans increasingly turn to digital in the way they spend, save and invest, we should be prepared to issue a digital euro, if necessary. I am also interested in hearing your views on this.
This implies that the central bank is considering a digital retail central bank currency (CBDC). This would represent a much more profound change in the way finance works.