Daily Bitcoin: Trump's election could boost Bitcoin trading volume

FX168 Financial News Agency (Hong Kong) reported that the price of Bitcoin traded at a high level in the Asian session on Tuesday (July 5), maintaining yesterday's upward trend.

The quotes released by Huobi.com showed that Bitcoin/CNY soared from around 4310 to 4570 yesterday, and traded at a high of around 4575 in the Asian session today.

(Bitcoin/RMB daily chart source: Huobi.com)

The quotes released by BITSTAMP showed that Bitcoin/US dollar (XBT/USD) rose from below 650 to above 680 yesterday, and traded at a high of around 680 in the Asian session this trading day.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN show that Bitcoin/Euro (XBT/EUR) soared from 585 to 615 yesterday, and once rose above 615 in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

“If Trump becomes president of the United States, one can clearly expect turbulence in world markets,” Windsor Holden, head of Juniper Research, said in a note.

The Economist Intelligence Unit has listed a Trump presidency as one of the top 10 global risks. Holden noted that in such an environment, Bitcoin trading will thrive. At least until the impact of a Trump presidency on major fiat currencies becomes clear, Bitcoin trading volumes will continue to surge.

Juniper Research predicts that the total volume of Bitcoin transactions may exceed $92 billion by the end of this year. In 2015, the total volume of Bitcoin transactions was less than $27 billion.

At 11:21 Beijing time on July 5, Bitcoin/RMB was reported at 4574.93, Bitcoin/USD was reported at 678.00, and Bitcoin/Euro was reported at 611.93.