Cryptocurrencies still taking no chances with US election outcome

Cast an eye across the cryptocurrency space this morning and you will notice that it is a sea of red out there today. No coin is trading in positive territory so far this morning ahead of the US election result. That vista is rather at odds with the scene across the global equity markets, but it has to be remembered; that for the most part cryptocurrencies have been making significant gains in recent days whereas the equity markets have been heading in the opposite direction at the same time. So, perhaps it makes sense that the market now succumbs to position squaring and profit taking ahead of this major event. The losses this morning are not necessarily being led by Bitcoin, but it has fallen back to its most recent lows earlier today after rising back above 13,700 late yesterday evening. Earlier today Bitcoin dropped back just surpass the low point it reached yesterday at 13,222. It is a little above that level now as it edges back above 13,400 ahead of the European opening