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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.
Por Stan Higgins
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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.
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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%.
Image Credit: Andrew Cline / Shutterstock.com
This article has been updated.
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Traders are bracing for a heavy week of macroeconomic events, including Fed minutes and the core PCE inflation report.
Lo que debes saber:
- Bitcoin wilts, pushing the broader market into the red.
- Losses have hit 85 out of the top 100 tokens.
- The sell-off comes despite weaker U.S. inflation data that strengthened expectations for at least two Federal Reserve rate cuts.
- Traders are bracing for a heavy week of macroeconomic events, including Fed minutes and the core PCE inflation report.
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