Bitcoin Price Skyrockets as Donald Trump Wins the White House
As predicted by numerous experts before, Donald Trump’s presidential election win caused bitcoin price to rise. The recent hours’ events have fully confirmed the predictions.
Over the last 12 hours, bitcoin price has gained nearly four per cent as more news on Trump’s possible win hit the headlines.
As of 09:30 UTC bitcoin price stood at around $740 at Bitfinex and $738 at Bitstamp.
As for trade volume, the greatest activity was seen at Bitfinex ($13.7 million over the last 24 hours) and Bitmex ($12.3 million). GDAX and Kraken both were a bit behind with $7 million.
Bitcoin’s market cap is currently standing at $11.77 billion.
Traditional financial markets, in their turn, have been collapsing. With the first exit polls showing that Hillary Clinton has lost in Florida, North Carolina and Ohio, securities markets started collapsing.
The Dow Jones index has fallen by more than 800 points, which is the biggest fall since Brexit.
Emotional reactions to political turmoil is quite typical for investors, however, experts believe that such events have no long-lasting impact on markets.
“We reviewed the data and it seems that the large majority of individual major events â€” ranging from the assassination of Archduke Ferdinand 100 years ago through to 9/11 and recent events in Iraq and Ukraine â€” impact major stock markets by around 10% of less, with the effect being fully reversed within a month or so,” said Credit Suisse’s Head of Research and Deputy Global CIO Giles Keating.
“This suggests that the most profitable strategy has usually been the contrarian one of buying into price falls caused by such incidents,” Keating added.
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