Election Day pump? 4 reasons Bitcoin spiked 2% in 30 minutes

The price of (BTC) rose by 2% in just 30 minutes right as the United States’ stock market rang its opening bell on Nov. 3. During pre-market, the Dow Jones surged by over 350 points as the U.S. election day triggered massive volatility.

The four reasons that likely led to a Bitcoin uptrend in such a short period are the election, a stocks upsurge, negative funding and rising exchange outflows.

Hourly chart of Bitcoin. Source: TradingView.com