Analyses of past elections on other assets tell a positive story for Bitcoin, while holders are already enjoying the benefits.
With Joe Biden ready to be the next president of the United States, Cointelegraph Consulting reflects on how traditional assets have responded to the election of a Democratic candidate. Historically, Democrats have been more favorable to Financial Peak gold, as the common perception is that more money is printed without support under Democratic leadership, further degrading the dollar. In the short term, Bitcoin (BTC) has already benefited greatly, increasing by 10% from election day to date.
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Santiment’s latest findings, published in Cointelegraph Consulting’s bi-weekly newsletter, indicate that the average earnings of Bitcoin holders over the long term are at a maximum of 14 months, which increases the likelihood that they will be able to exit the positions and make a profit.
Market to realised value, or the MVRV ratio, is an indicator that tracks the average gain or loss of a given group of holders in an effort to understand whether they are in a position to sell at a profit. Shortly after breaking $15,000 on November 5, Bitcoin’s 30-day MVRV ratio, or the average ROI of all directions that have purchased BTC in the past 30 days, shot up to 18.8%, indicating that short-term BTC holders were averaging about 20% profit on their initial investment.
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Other metrics in the chain show that Bitcoin whales have been accumulating BTC in the period leading up to the last push of over $15,000. The collective balance of addresses that have 10 to 100 BTCs hit a six-month low on September 20 before beginning to recover, and has grown by 37,800 BTCs since then, signaling renewed confidence in the asset.
Other news from around the world of legislative and corporate blockchain showed that one of China’s largest banks launched a new blockchain-based bond using tokenized certificates. In the US, the Securities and Exchange Commission is having a record year with over $1.26 billion raised from unregistered ICOs in 2020.
Read the full edition of the newsletter here for the full scoop, with detailed graphics and images.
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Cointelegraph’s Market Insights newsletter shares our knowledge about the fundamentals that drive the digital asset market. With the market intelligence of one of the industry’s leading analysis providers, Santiment, the newsletter is immersed in the latest data on social media sentiment, chain metrics and derivatives.