Bitcoin Trades Higher on Trump Win
This week the US Elections took centre stage globally. The shocking news of an imminent Trump election victory, rattled mainstream markets across the globe, sending investors into safe refuge assets beyond stocks and bonds. While the stock markets temporarily nosedived, Bitcoin and gold went up 3% to $740 and 4% to $1136 respectively, hours before Wednesday morning,. Bitcoin traded $40 higher within a few hours, topping off at $740. The SP Futures traded: -5%, DAX: -5% FTSE: -5%, Nikkei: -5% and the worst affected Mexican Peso/USD: -12%. Meanwhile, India’s war on cash reminded us all of the crucial role of Bitcoin, where government control of currency gets in the way of freedom.
Over the month of October, price went up steadily to $745, trading $33 below the pre-halving $778 high from July. This level proved a tough resistance, and it has been no surprise that price had to consolidate before the continuation. My target of $850 – $1000 over the next 3 months is still valid.
The Trump effect, marked by the blue rectangle was purely a speculative pay, that temporarily halted the