The midterm U.S. elections preceded sharp crashes in the cryptocurrency market in 2014 and 2018. Whether the same will occur in the 2022 midterm elections is debatable.
In both 2014 and 2018, the price of cryptocurrencies crashed right after the midterm U.S. elections. However, several signs indicate the opposite will happen this time around.
These signs are mainly related to the total cryptocurrency market cap. Furthermore, cryptocurrency prices can become bullish if Republicans were to win a majority in the house and/or senate since Republicans are generally viewed as crypto-friendly. The same can be said for a potential 2024 Donald Trump candidacy.
In any case, the crypto market has decreased over the past 24 hours. Since today is election day, it is worth looking at the price movement and determining why this is occurring.
Bitcoin Price Holds Above Support
The Bitcoin (BTC) price has held above the $19,000 horizontal…
