Bitcoin Markets Muted as Donald Trump Becomes US President

Jan 20, 2017 at 6:30 p.m. UTC
Updated Sep 11, 2021 at 1:01 p.m. UTC

price

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.