Bitcoin Tracker: Bitcoin Black Friday
In this week’s Bitcoin Tracker, bitcoin soars, then settles down and plans for its yearly sale abound. Switzerland gives bitcoin a hand by way of rail ticket machine sales, an Australian startup banks on the aptly named Dash and Zcash fervor fades.
The election came and went and, with it, brought some stock market shock. First, they slid way down (investors don’t like surprises), then they rose back up a bit.
Initially, the Dow Jones exchange plunged 800 points, S&P 500 futures dropped 59 points and Nasdaq dropped 158. International markets opened Wednesday (Nov. 9) morning on a down note: Stocks in London dropped 4.3 percent, the Hang Seng Index in Hong Kong fell 2.97 percent, the South Korean KOSPI tumbled 3.4 percent and the Japanese Nikkei 225 was down 4.7 percent.
But as markets saw their prices fall, bitcoin’s numbers went up. Way up, way fast. Prices rose from around $706 on Tuesday night, all the way to $738.53 early Wednesday morning – near bitcoin’s year high. The sudden price rise is attributed to bitcoin being considered a safe haven asset, like gold or business bonds. As stocks recovered and investors settled down, bitcoin’s price dropped back to around where it was before. Its current value is just over $709 as of writing.
This post was published at Pymnts on November 11, 2016.