BTC and elections

BTC and elections

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There is no doubt that the most significant political event of 2020 was the U.S. presidential election. However, it looks like the aftershocks of this event could be felt for years to come.

As of Wednesday morning, the U.S. dollar fell to its weakest level in almost two and a half years due to the uncertainty around who is going to win the election — Donald Trump or his rival Joe Biden. The greenback also fell by 1.2% to 92.44 against a basket of other currencies.

The greenback and Chinese yuan fell dramatically with a possible Trump win early Wednesday. It looks like a Biden win would deal a much deadlier blow to the dollar while shoring up the yuan.

This is due to the ongoing trade war with China led by the Trump administration. Indeed, a Biden win looks bullish for the broader Asian market. President Xi Jinping has already called for U.S.-China collaboration if Biden becomes president of America.

The off-shore Chinese yuan rate rose to its strongest levels of $6.60 per dollar since July 2018. America’s GDP is still 3.5% below its pre-pandemic level, while China is projecting a complete recovery from the coron

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