Cryptocurrency Rises as Trump Wins the US Presidential Race
Cryptocurrency Holders Celebrates with Trump’s Victory
Donald Trump makes a mark not only on political history, but also with cryptocurrency world. Trump was declared as the new President of United States outvoted his opponent Hillary Clinton. His victory hammers the dollar value of the currency exchange on international markets. The new President is notorious with his behavior and speech and it came as a shock to the whole world that he did win.
Cryptocurrency holders are celebrating not because they like the 2016 president, but because the value of cryptocurrencies start rising as opposed to what is happening with the United States Dollars.
Cryptocurrency Bitcoin trades up to 3%
It was reported by Coindesk that the value of Bitcoin began to rise as the counting of votes started. When the news said Donald Trump wins, Bitcoin trading is now up to 3 with one BTC price striking high at $740. It is more than yesterday’s high of about $710.
Fresh cryptocurrency Zcash also receives luck of the victory of Trump. Even though this cryptocurrency is quite new and had just launched at the end of the previous month, it already experienced a surge in value.
Bitcoin and Gold
Gold is doing extremely well also. Politics upheaval seems to give cryptocurrency advantage. Gold and Bitcoin value soars high in another political event. This is after the United Kingdom’s Brexit referendum outcome on departing the European Union.
Cryptocurrency and Gold Similarities
According to DailyFX, the news site of forex market, the similarities of a precious metal to cryptocurrency is that when there is a “doomsday scenario” thing, people have the urge to hold something valuable. This is especially when the fiat-priced assets are declining in value. Their instincts told them to buy more gold as well as bitcoin. These two are ideal for trading. The only difference between gold and bitcoin is that cryptocurrency trading can be done online. That is the power of blockchain.
Donald Trump winning the presidential race doesn’t mean that it is already the end of the United States. It just upsets some people and it also upsets the apple cart establishment. Trump is not an usual politician thus it puts the traders into uncertainty.
Dollars is paving its way back though. This is after Trump makes his acceptance speech. It calms the market after the president talks about the job generation and infrastructure projects. He promised that he is start right away.
What is clear in this event is that whenever there is a threat to many best placed plans or when a politician acts differently on what people used to be, the cryptocurrency acts as the savior of the people. It is where people go and considered their shield in times of uncertainties together with gold.
Cryptocurrency seems to make a firm stand and the prediction about it being the next money is not far. This is especially now that people are considering it as an asset.