Bitcoin Markets Muted as Donald Trump Becomes US President

Stan Higgins
Jan 20, 2017 at 18:30 UTC
Updated Jan 22, 2017 at 13:44 UTC
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When Donald Trump won the presidential election in November, the price of bitcoin jumped. Following his inauguration today – not so much.

On 9th November, prices bounced more than 3% as Trump, the controversial businessman and Republican presidential nominee, secured the votes to clinch the election versus former US secretary of state Hillary Clinton. That move came as stock markets worldwide sharply fell as Trump’s victory became apparent.

The reaction to Trump’s inauguration, by contrast, was far more muted.

Data from the CoinDesk Bitcoin Price Index (BPI) shows that today’s prices have largely stuck to the same track seen in the past few days, primarily staying within the range in the upper $800s.

Prices hit a low of $882.30 at around 10:15 UTC, hours before Trump’s inauguration. The average price of bitcoin is currently $893.61, BPI figures reveal.

At press time, CNY-denominated markets are up more than 5% from the day’s open, hitting a high of ¥6,175.30. CNY markets are reporting an average price of ¥6,129.19, according to the BPI.

Image Credit: Evan El-Amin / Shutterstock, Inc.

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