The worst case scenario for risk assets including cryptocurrencies would be a delayed or contested election where the result is unknown for weeks, one observer noted.
Part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass data shows, as Trump leads in early voting.
Buoyed by donations and votes from a digital asset industry he aggressively courted, Trump won a second term to the White House in his third bid for the U.S.’s highest office.