Decrypted Thoughts: A favourable Mid-Term Election would be good for Crypto
Nouvive Research has found compelling data that illustrates that the DJI or Dow Jones Industrial Index is positively correlated with Bitcoin. The data does show that Bitcoin lags behind the DJI, however it does illustrate the following:
- If the Dow Jones bounces tomorrow morning as a result of a market determined favourable election result, Crypto too will see the same.
- This is based on the theory that in late October, when the DJI crashed by 4% – this saw Bitcoin also crash by close to several percent.
- CNBC see that if the republicans increase their threshold in both the Senate and the Representatives that could see +3% increase to the market.
- This alternatively would increase a large percentage to the rest of the Crypto Market-cap – potentially seeing $6810 as of Thursday Morning
Nouvive sees a Favourable election result – that early voting result places – could see BTC hit $6810
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