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BTC surges above $14K as chances for a disputed US election rise

Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin ( BTC) is up 5.7% on OKEx after surging last night alongside bolstered projections that former United States Vice President Joe Biden would defeat President Donald Trump in the country’s presidential election.

The altcoin market has followed the cryptocurrency market leader. The price of Ether (ETH) rose 5.8%, Litecoin (LTC) rose 4% and OKB rose 4.9%. This surge across the board has increased the total cryptocurrency market capitalization by 5.5%. BTC dominance also increased by 0.7% from this time yesterday and now sits at an even 64%, according to data from CoinGecko.

Markets anxiously watching contested U.S. election

Uncertainty over the official results of the U.S. presidential election may inject more volatility into the domestic equities markets today — as well as the cryptocurrency market.

Former Vice President Joe Biden has won many key states, including Wisconsin and Michigan, and is now expected to reverse Pennsylvania and secure the electoral votes needed to win the presidency. However, many states still have yet to be officially won by either candidate. Arizona, despite being called for Biden early by the Associated Press, appears to be on track for a recount following a narrowing of the race by Trump voters — with recounts possible in a multitude of other states amid an unprecedented number of absentee ballots.

The Trump campaign has already claimed that there has been widespread election fraud in key cities, such as Detroit and Philadelphia, where Republican observers were allegedly obstructed from witnessing absentee ballots being counted.

Concerns over election fraud have some preparing for a period of civil unrest. New York City Mayor Bill de Blasio, for example, claims that allegations of election fraud are illegitimate but has expressed concern that there may not be a peaceful outcome.

Top altcoin gainers and losers

  • GTO/USDT +24.18%
  • MDT/USDT +13.13%
  • MEME/USDT +11.19%
  • LET/USDT -13.46%
  • MCO/USDT -14.32%
  • PMA/USDT -15.50%

Today’s best and worst performers on OKEx don’t highlight any particularly noteworthy developments — all eyes are more squarely fixed on BTC, major altcoins and the market’s reaction to the U.S. presidential election drama.

Visit https://www.okex.com for the full report.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.

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