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$14.1K: Bitcoin Breaks New 2020 High With US Election Still Undecided
Bitcoin has broken fresh 2020 highs as uncertainty remains in the U.S. presidential election.
Updated Sep 14, 2021, 10:27 a.m. Published Nov 4, 2020, 5:31 p.m.
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Bitcoin has broken fresh 2020 highs as uncertainty remains in the U.S. presidential election.
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- At around noon ET (17:00 UTC), the world's oldest and most valuable cryptocurrency broke the $14,100 resistance level that had proved difficult to scale for the bulls four days prior on Oct. 31.
- As of this writing, bitcoin (BTC) was changing hands at around $14,166.25 after rebounding from Nov. 2 lows, near former resistance now confirmed as support at around $13,250.
- Over the past 24 hours, bitcoin has ranged between $13,545 and $14,223, according to CoinDesk 20 data.
- The difference in bitcoin's price action compared to four years ago has been relatively small. Bitcoin’s price failed to react immediately after the 2016 election, rising a scant 1.8% in the 24-hour trading period. However, it is worth noting that roughly a year later, bitcoin climbed to its all-time highs above $19,660.
COMMENTARY: CoinDesk Covers the 2020 US Election and Crypto Impact
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Eric Trump reitrates claim bitcoin is just getting started on its road to $1 million
U.S. President Donald Trump’s son Eric Trump acknowledged bitcoin’s volatility but said its upside potential outweighs the risks as prices hover below $70,000.
What to know:
- Eric Trump reiterated his prediction that bitcoin will eventually reach $1 million, saying he has never been more bullish on the cryptocurrency.
- Speaking at the World Liberty Financial forum at Mar-a-Lago, he cited bitcoin's roughly 70% average annual gain over the past decade and challenged critics to name a better-performing asset class.
- His renewed optimism comes despite bitcoin trading below $67,000 and falling from its 2025 peak above $126,000, and as the Trump family deepens its involvement in crypto through the World Liberty Financial venture.
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