AP News today declared that Joe Biden has won the U.S. elections. Bitcoin dropped slightly shortly after the news, signaling the market’s initial concerns about the President-elect.

Bitcoin Bearish on Biden

President Trump has yet to concede the election, but news agencies around the world have declared Biden the victor of the Presidential election.

Biden nabbed 284 electoral votes. Only 270 are needed to claim victory.

America, I’m honored that you have chosen me to lead our great country.

The work ahead of us will be hard, but I promise you this: I will be a President for all Americans — whether you voted for me or not.

I will keep the faith that you have placed in me. pic.twitter.com/moA9qhmjn8

— Joe Biden (@JoeBiden) November 7, 2020

Shortly after the news, Bitcoin dipped below $15,200 after a strong run to new yearly highs this week.