The digital currency joins gold as a safe
The shocking news of Donald Trumps election victory rattled markets across the world, leading some investors to seek refuge in assets outdoor of stocks and bonds. The price of gold surged, as it usually does during era of uncertainty, but it wasnt the only asset to benefit.
The cryptocurrency bitcoin furthermore jumped to a recent high of $738 overnight, and was trading at as regards $726 in the region of Wednesday daylight according to Coindesk. That represents vis–vis a 3% deposit from the $708 mark that was yesterdays bitcoin price.
The price hop did not, however, extend to optional add-on forms of digital maintenance. The prices of Ethereum and Ripple, which are the second and third biggest cryptocurrencies by establish cap, are actually all along from yesterday, by nearly 2% and 1% respectively, according to the site Coinmarketcap.
The bitcoin price hop comes as validation to those who argue it is a dock at era of push volatility.
Bitcoin has enjoyed a long era of relative price stability in the second half of 2016. This is a far and wide-off cry from the wild price swings characterized bitcoin by now it began trading in 2010. While it has tracked upwards for most of the year, the current price is yet far from the $1,200 mark it hit in 2013 during a period of learned mania.
Meanwhile, gold surged regarding 4% to $1,316 in credit to Tuesday night as investors digested the surprise election results. A colossal loser vis–vis the evening is the Mexican appendix, which fell by double digits vis–vis fears that Trumps protectionist platform will maltreat trade gone Mexico.