US Presidential Election 2016: Bitcoin jumps four per cent as Donald Trump wins over Hillary Clinton

 
Francesca Washtell
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Bitcoin is hovering above $730 this morning (Source: Getty)

The bitcoin price has surged almost four per cent so far this morning, as Hillary Clinton conceded the presidency to her Republican rival Donald Trump.

The price of a single bitcoin has reached $737.07, according to exchange Bitstamp. The currency steadily rose as election officials began counting votes last night.

It has risen from a low of under $710 when polls on the east coast of the US began to close.

"The Trump presidency is giving bitcoin a boost as uncertainty and fear reigns globally," said Charles Hayter, chief executive and founder of CryptoCompare.

"This is another Brexit situation that muddies waters on the international stage. USD:BTC markets are trading at a premium to CNY:BTC [Chinese yuan to bitcoin] markets – a reversal of recent trends where the yuan devaluation has been driving price moves."

Read more: US election results: Donald Trump victory over Hillary Clinton looks likely

Clinton conceded the presidency around 7.45am this morning, after AP called the election in Trump's favour.

Spot gold prices have also surged around four per cent as investors abandon equities in search of safer assets.

Read more: Asian markets slide as Donald Trump looks set for victory

The dollar has boomed against the Mexican peso this morning, though it has been hammered against most other major currencies including the pound, euro and the safe haven yen.

In June, the pro-Brexit EU referendum result wiped more than $100 off the bitcoin price.

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