Bitcoin (BTC) vs. Dow: Here's How They Fared After Trump's Election

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Mon, 03/23/2020 - 18:04
Alex Dovbnya
Investing in Bitcoin (BTC) instead of U.S. stocks on the day Trump was elected could have made you a fortune
Cover image via stock.adobe.com
Contents

The Dow and the S&P 500, the benchmark U.S. stock market indexes, have recently erased nearly four years of gains after Trump’s election, CNBC reports

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Stocks are still under pressure   

After the stock futures rallied on the news about the U.S. Federal Reserve unleashing unlimited quantitative easing, all major indexes ended up opening lower. Despite parring some of its losses due to the looming bipartisan agreement on the coronavirus stimulus package, U.S. stocks are still refusing to flash green with the Dow currently being down 0.84 percent. 

Notably, Bitcoin (BTC), the top cryptocurrency by market cap, continues to trade virtually in lockstep with the equities. At press time, it is sitting at $6,351 after surging to the $6,600 level earlier today.

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Bitcoin leaves stocks in the dust 

The Dow plunged to an intraday low of 18,213 basis points, which means that it was trading below its Election Day close of 18,332 that marked the start of the tumultuous Trump era. 

In sharp contrast to that, those investors who bought Bitcoin on Nov. 8 at roughly $700 are sitting on enormous gains. Popular crypto analyst Chris Jaszczynski has estimated that BTC is up 676 percent since Trump’s historic victory. 

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Another Bitcoin year? 

Trump’s first year in office coincided with Bitcoin’s massive bull run that made the whole world talk about the cryptocurrency that started it all. However, as reported by U.Today, Mike Novogratz, the CEO of Galaxy Digital, is convinced that 2020 could also be the year of Bitcoin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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