Markets Weekly is a weekly column analyzing price movements in the digital currency markets, and the technology’s use as an asset class.
This articles covers 4th November to 11th November, 2016.
The surprise US Presidential Election results pushed bitcoin 4% higher this week amid a choppy period for the digital currency markets.
After opening at roughly $709 on 4th November, bitcoin neared $740, placing it within reach of its 2016 high of more than $780. But while this increase was notable, it fell short of some forecasts.
Cryptocurrency fund manager Jacob Eliosoff, for example, noted that he expected bitcoin prices to benefit more starkly from the uncertainty created by the election.
As previously profiled on CoinDesk, many analysts had expected a ‘Brexit-like’ impact, one in which the digital currency might have risen by as much as $100 on a Trump win. When it became clear that the Brexit referendum would succeed, bitcoin prices surged, rising above $650 on 24th June after falling to $550 the day before.
Eliosoff told CoinDesk.
“The election reaction has been more nuanced than some of us foresaw – on a Trump win, I expected BTC to shoot up and stay there.”
Overall, bitcoin finished the