CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$37,609.00
  • ethereum
    ETH$1,212.37
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Pump and Dump: Biden and Trump Election Tokens Insanely Volatile

    Pump and Dump: Biden and Trump Election Tokens Insanely Volatile

    Author: George Georgiev

    Last Updated Nov 4, 2020 @ 13:54

    Tokens allowing users to bet on the outcome of the ongoing 2020 US Presidential Elections have been particularly volatile in the past few hours.

    The 2020 US Elections are on, and there’s no shortage of excitement around them. At the time of this writing, it’s anyone’s guess who the winner will be as ballots are still being counted in certain states.

    Bookmakers and cryptocurrency exchanges where users can bet on the outcome, however, are strongly favoring Joe Biden currently. This comes after massive volatility in the tokens in the past few hours.

    Massive Pumps and Massive Dumps

    One of the more popular cryptocurrency exchanges, FTX, has launched tokens through which users can speculate on the outcome of the ongoing 2020 US Presidential Elections.

    The structure of these tokens is simple – they expire to $1 or $0, depending on whether the candidate wins or loses. For example, if Joe Biden wins the elections, the Biden 2020 token will expire to $1. On the opposite, if Donald Trump wins, the Trump 2020 token will expire to $1.

    In other words, the more expensive the token is, the more users believe that the underlying candidate will win the race.

    In the past few hours, these tokens have been massively volatile as the electoral landscape in the US continues to shift.

    As CryptoPotato reported earlier today, Trump’s token skyrocketed, signaling that betters are favoring him. However, over the past few hours, things have changed dramatically, and now Biden appears to be the strong favorite.

    trump2020_chart
    Trump 2020 Token on FTX. Source: TradingView

    As seen on the chart, Tump’s 2020 token skyrocketed by almost 180% to reach a high of $0.84 earlier today. A few hours later, it plummeted to $0.152 for an 81% decrease before settling down to where it currently trades at around $0.27.

    By design, Biden’s 2020 token performed in the exact opposite. At the time of this writing, betters are strongly favoring him to win the race.

    Tension Goes on as Markets Jitter

    While waiting for the ballot counting to continue, legacy futures markets are also riddled with uncertainty.

    S&P 500 futures are on the move and are currently charting an increase of about 2%, despite being particularly volatile for the past few hours.

    Bitcoin’s price is also rather indecisive. It spiked to a high of above $14,000 earlier today only to drop down to about $13,550 and start surging again to where it currently trades at just shy of $13,900.

    btcusd_chart
    BTC/USD. Source: TradingView

     

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • BidenTrumpBitcoin
      Trump Or Biden? Max Keiser Explains Why Bitcoin Will Be The Ultimate Winner After the US Elections
    • Defi_dump
      DeFi Dump Begins as Top Tokens Shed 50% in a Week
    • Opinion: Bitcoin is the Real Winner From the First Trump v Biden Presidential Debate
    Read more on: Bitcoin Donald Trump United States

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$37,609.00
  • ethereum
    ETH$1,212.37
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!