Bitcoin Rises, Stock Markets Confused as Donald Trump Becomes President
Donald Trump’s White House victory has spurred strong reactions on social media. Financial markets have also reacted.
Bitcoin, for one, is up more than 3%, perhaps because it is considered by some as an alternative to standard currency. Some Canadian and US stock markets are down slightly, as well as a few European and Asian markets, but overall the impact seems minimal. In fact, many markets, such as the TSX, have already bounced back and are now up on the day.
Pundits during live election coverage yesterday pushed fear on people, saying the Dow Jones Industrial Average was plunging more than it did during the 9/11 terrorist attackers. And, very briefly, on paper, that was true. But the Dow opened higher today and it closed yesterday, so the negative hype was for naught.
The Asian markets seem to be the only ones not bouncing back immediately. Japan’s Nikkei remains down 5%.
