Donald Trump wins the U.S. presidency against Hillary Rodham Clinton, and the political ball game has taken its toll on both the value of Bitcoin and our minds. Governments across the globe are recognizing Bitcoin, and this comes with its fair share of troubles and benefits. Japan is deregulating Bitcoin taxes here, China is allegedly pressing miners harder with taxes over there, and Donald Trump is suggesting the appointment of a Bitcoin skeptic as U.S. Treasurer. It is all a rollercoaster right now for cryptocurrency enthusiasts and investors. Lately, though, Bitcoin has gained momentum during the election cycle, and investors across the globe are rejoicing.
Donald Trump Win Soars Bitcoin
After Donald Trump won the bid for U.S. president, Bitcoin soared to a high of around $738 before dropping to approximately $720 the following day. Over the past few days, however, Bitcoin has appeared relatively stable. There has been a fair amount of trading volume but not much price movement. For the last four days, Bitcoin has traded roughly between $685 and $715, with its current price hovering around $710. Today’s low was $697, while today’s high reached $712, remaining close to its most recent trading range.
Prior to Donald Trump winning the U.S. presidency, the value of Bitcoin reached above $745, only to fall to $670 between November 3 and 5. Leading up to the election, Bitcoin experienced a steady climb from around $680 to $710 before peaking at approximately $740 on election night. Bitcoin’s rapid rise may have been a coincidence, but it appears that Donald Trump’s victory in the presidential election correlated with Bitcoin’s increase in value.
If you live in the U.S., who knows what may happen over the next few years now that Donald Trump is your president? We should expect continued momentum as we move closer to Donald Trump’s inauguration.
