Bitcoin Price Takes a Step Backwards as Stock Market Plummets

The U.S. presidential election continues to shake the market, and today the leading crypto, BTC, experienced a slight setback.

Today the price of the leading crypto, Immediate Edge, fell to USD 12,822 after the U.S. stock market was shaken.
Presidential Election Continues to Shake the Crypto Market

According to Reuters, today JPMorgan analysts said that the re-election of Donald Trump as president of the United States would be the most favorable result for the stock market.

It seems that this was one of the news that shook the market. However, the electoral risk is accompanied by a resurgence of the daily cases of COVID-19 while the economic stimulus negotiations are not showing results.

Thus the Dow Jones closed with a 650-point drop, after having fallen to 965 points. Likewise, the S&P 500 closed with a 1.9% drop.

Meanwhile, the price of Bitcoin also reacted with the stock market and fell up to 1.7%, before recovering to USD 13,000. In other words, the leading crypto managed to hold on to its key levels and recover slightly from the market’s shock.

Bitcoin’s appreciation is unstoppable, says analyst

Institutional investors take over leading crypto

Today, Glassnode published some data that seems to indicate that institutional investors are certainly taking over Bitcoin.

The Glassnode tweet reveals that the total number of Bitcoin addresses with a balance of more than $1 million has exceeded $20,000, a level we haven’t seen since January 2018. Also, the firm’s data reveals that the total number of Bitcoin addresses with more than 1,000 BTC reached 2,231.

Another aspect to keep in mind is that, as we reported from CryptoTrend, during the past week the whales accumulated BTC.

What have Bitcoin whales been doing while BTC is reaching its annual high?

A $3 commission for transferring $1 billion? Only possible with Bitcoin

Whale Alert identified this morning that they moved in two transactions totaling over $1.1 billion in Bitcoin with a total commission of $3.54.

The transactions were made from a Xapo wallet and went to two unknown crypto addresses.

Novogratz: Bitcoin’s use as a store of value is predominant

New Draft IRS Form 1040 for Crypto

The new draft of the U.S. Internal Revenue Service (IRS) Form 1040 was published, clarifying which holdings and crypto transactions should be disclosed.

Basically, now individuals will be able to specify if during the year they kept their cryptomoney without being transferred out of their own wallets or without being sold.

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