Bitcoin Jumps as Democrats Lead Georgia Runoff Elections; What to Expect?

Bitcoin Jumps as Democrats Lead Georgia Runoff Elections; What to Expect?


The intraday returns on the Bitcoin spot market rose above 2 percent as Democrats took the lead in Georgia’s runoff elections.

By the late Asian trading session on Wednesday, the flagship cryptocurrency had surged to another record high of $35,868, according to Coinbase crypto exchange, up 7.54 percent from its intraday low of $33,352 at around midnight UTC.

Bitcoin trades higher in an Ascending Channel pattern. Source: BTCUSD on TradingView.com Bitcoin trades higher in an Ascending Channel pattern. Source: BTCUSD on TradingView.com

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A downright bearish US dollar sentiment served as the primary catalyst behind Bitcoin’s gains. The greenback extended its week-to-date decline further on Wednesday by falling 0.15 percent, prompting speculators in the cryptocurrency market to raise their bids. Bitcoin generally trades inversely to the US dollar index in the medium-term.

Georgia Elections

The Bitcoin-Dollar sentiment took cues from the Senate elections in Georgia. Democrat Raphael Warnock defeated incumbent Republican Kelly Loeffler in one of the runoffs. Meanwhile, the

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