Bitcoin Bounces, Futures Flounder as Trump Nears Presidential Upset

Bitcoin prices are rising as Donald Trump is poised for a potential win in the US presidential election.

AccessTimeIconNov 9, 2016 at 5:39 a.m. UTC
Updated Sep 14, 2021 at 1:58 p.m. UTC
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Bitcoin prices have steadily risen since the counting of votes in the US presidential race began, climbing more than 3 percent as Republican Donald Trump appears close to pulling off an electoral upset.

The price of bitcoin is hovering around $737 after rising from a low of $709 when polls in the Eastern US began to close, according to the CoinDesk USD Bitcoin Price Index. CNY markets are up 2.4%, reaching ¥4,959.11 at press time.

Polls prior to the vote on Tuesday pointed to a likely win for Democrat Hillary Clinton. But with the results rolling in, Trump's chances for success have grown. Right now, the election could still swing either way, ultimately depending on the outcomes in a handful of districts in US states like New Hampshire, Pennsylvania and Michigan.

At press time, Trump has 244 votes in the Electoral College to Clinton's 215, according to CBS, and The New York Times is forecasting a Trump win.

US stock futures have reacted negatively to Trump's possible victory, suggesting rough waters ahead when markets open later today. The Dow is down roughly 3.8% or 705 points in pre-market trading, according to CNN. S&P and Nasdaq futures are each down close to 5%.

This article has been updated.

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