The comments came after reports the White House was considering reducing the size of its proposed stimulus package.
Some institutions have paused their buying, at least for the moment.
Uncertainty is leading many to take short-term profit, according to the "Coinbase Premium" indicator.
The sell-off also led to major corrections for other cryptocurrencies including ether, stellar, xrp and chainlink.
The incoming president has already announced he would tap pro-crypto, pro-regulation Gary Gensler to lead the SEC, but a number of other names and issues remain outstanding.
After Joe Biden's inauguration on Jan. 20, an expected raft of new stimulus measures may further boost bitcoin's rally, say analysts.
Oon CNBC’s ‘Squawk Box’ on Monday, Allaire spoke about the regulatory attitudes toward stablecoins and how the incoming administration may treat crypto.
Former Fed Chair Janet Yellen is expected to be tapped to run the Treasury Department, where she would oversee federal agencies that impact crypto.
Gary Gensler, Simon Johnson and Mehrsa Baradaran are among the policy experts versed in crypto and blockchain issues named to Biden’s transition team.
Joe Biden’s picks to head key regulatory agencies could redefine cryptocurrency policy in the coming years. Exactly how remains an open question.
Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to Joe Biden's presidential campaign.
October sees record volume for TRUMP and BIDEN markets three weeks ahead of the U.S. election.
With the first presidential debate now smoldering behind us, the betting markets have picked their winner: Joe Biden.
Lael Brainard, who has been involved with the Fed's efforts to research a digital dollar, is seen as an ideal choice, Bloomberg sources said.
A political action committee pushing for US Vice President Joe Biden to seek the presidency has announced it will accept bitcoin donations.