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Crypto Traders and Analysts Eye new U.S. Administration

While some in the community continue to question the outcome of the US Presidential election, mainstream media outlets and the Associated Press have definitively called the race for former Vice President and current PresidentElect Joe Biden. But with uncertainty out of the way, traders and analysts are now looking to determine what a Biden administration will mean for cryptocurrencies and they appear to have come to a loose consensus that a President who says nothing about crypto is preferable to a president who actively disparages it.

Qiao Wang, the lead at decentralized finance accelerator DeFi Alliance, cheered Trumps loss, noting that the President had tweeted negatively about Bitcoin and Libra in the past The fact that Trump and Mnuchin are hostile towards BTC makes a Trump a far inferior candidate. Full stop. However the senate part is debatable. You could argue that democrats are more likely to create inflation which is good for BTC. Meanwhile, investor Mike Novogratz concurred that a Democratic administration would be good for crypto, saying that an ongoing stimulus program would bolster Bitcoins antiinflationary narrative

At a macro level, Cointelegraph has previously reported that an incoming Biden administration may bolster markets as uncertainty settles and hopes for additional stimulus run high, but likewise these efforts could cripple cryptocurrencies via a stronger dollar. There has also been widespread speculation concerning the crypto inclinations of…

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