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The preliminary results of the U.S. presidential election have been revealed. After a few days of uncertainty, major media networks declared Biden’s victory over the weekend. While it may take some time for the final settlement, the biggest uncertainty that has plagued markets during recent times is at an end. Moving forward, markets are likely to focus on the macroeconomic future for this year and the next.
Notably, the market rallied and Bitcoin (BTC) shot up to $15,969, as per the OKEx BTC Index price, after the vote counts in several states turned for Biden on Thursday night. However, after the media finally called Biden’s victory on Saturday, Bitcoin retreated by more than $1,000 to drop as low as $14,357.
The leading digital currency has since recovered and is trading above $15,000, and it ended the week with gains of more than 13%. While the market’s indecision is on display, the price is running out of the critical monthly resistance formed in December 2017 and January 2018.
From the major altcoins, only Ether ( ETH) outperformed Bitcoin this week with a 14.26% gain, which was boosted by the ETH 2.0 deposit contract being released. Other altcoins with good gains included Chainlink ( LINK), Litecoin ( LTC) and Cardano ( ADA), which reaped between 8% to 10% weekly gains.
At the same time, we noted that Bitcoin Cash ( BCH) and Bitcoin SV ( BSV), which have historically been closely tied to Bitcoin, failed to benefit from last week’s rally. The market is not very active about the upcoming BCH hard fork, either, which is set for Nov. 15.
With ETH comfortably above $400, DeFi tokens have also been rebounding quickly since last Friday, ending two straight months of declines. Aave was the biggest weekly gainer — with a 66.78% weekly increase — rising from Thursday’s bottom of $26 to a high of $56 in three days.
Moreover, the price of Uniswap ( UNI) bottomed out at $1.8, then hit a strong resistance at $3. yearn.finance’s ( YFI) performance was even more stunning, going from a low of $7,500 to a high of $17,538 in two days — though it has now settled and is trading in the $14,000 range.
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Bitcoin broke past resistances in election week but indecision follows result was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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