Effect of USA 2016 Presidential Election on Major Digital Asset Prices
The United States presidential election was held November 08 2016 with vote counting continuing November 09 and beyond. The election saw an upset win by the Republican nominee Donald Trump over his Democratic opponent Hillary Clinton. Here we examine the question: What was the immediate effect of the presidential election decision on the prices of major digital assets?
USA clocks are now on Standard Time. Eastern Standard Time (EST) is 5 hours behind Coordinated Universal Time (UTC). The election was called at approximately 2:42 am EST, which is 7:42 am UTC. We look at November 09 2016 – and 8:00 a.m. price movements – to ascertain the election effect.
Top Digital Assets by Market Capitalization
The top five digital assets by largest market capitalization are bitcoin, ether, ripple, litecoin and monero:
Data courtesy CoinMarketCap.com
The charts we use are Poloniex two day charts – with 30 minute candlesticks – collected one day after the election.
The price of bitcoin shot up instantly when Donald Trump was declared the President-elect by major USA networks. Before the decision BTC was trading in the $712.50 range. It reached a spike of $743.12 when the Republican nominee was called the winner. The price fell off again and at press time the last price is $718.49.
Ether fell to a 24 hour low with the announcement:
Ripple XRP/BTC began a reversal from an intraday sharp decline when the announcement was made:
ABCNews stated “Even after Tuesday’s 305-point surge to 9625 in the biggest Election Day rally ever, the Dow is down 27.4% this year.”
The BBC wrote “US share markets rise strongly shrugging off fears”.
Breitbart News Network Election Map
This is the latest Breitbart election map at press time:
Data courtesy Breitbart News Network
Republican nominee Donald J. Trump became the President-elect by capturing 270 electoral votes. While some vote counting continues and not all states are declared, Trump has been declared winner by major TV networks and currently has 288 electoral votes. Democratic nominee Hillary Clinton under performed and clinched only 225 electoral votes.
The populist vote outcome was somewhat similar to the recent Canadian election, and was similar to the wider known British Brexit vote to leave the European Union. The Democratic contender was plagued by appearances of corruption, influence peddling, obstruction of justice and other felonies.
President-elect Donald J. Trump takes up office in the White House during an inauguration ceremony slated for January 20 2017.