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As Trump’s electoral victory became clear, global markets plunged into volatility.
Dow Jones stock futures dropped by 3.8% in premarket trading, SP futures by 3% overnight, and Nasdaq futures by almost 5%. All major European indices dropped by 2%, on average. The price of bitcoin, however, surged around 4% to reach highs of $738.33 overnight. The cryptocurrency saw similar gains in June after the Brexit vote, suggesting that investors are increasingly turning to bitcoin in times of political and economic uncertainty.
There are a number of reasons why bitcoin proves attractive in these circumstances:
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