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Bitcoin Remains Little Changed as Investors Observe US Election

November 8, 2016 at 19:33 by Yahia Barakah

The price of Bitcoin traded within the same price range for the fourth day in a row on Tuesday as global investors and currency traders closely follow the development of the presidential election in the USA between Democrat Hillary Clinton and Republican Donald Trump.

The result of the election is expected to define the exchange rate of Bitcoin for the short term. The cryptocurrency’s traders believe that if US presidency went to Trump, Bitcoin price would get a strong boost in the same manner it did following the unexpected decision UK voters took in the Brexit Referendum last June, which meant the nation will leave the European Union and delivered a massive surge in Bitcoin price.

On the other hand, the digital currency is predicted to have no strong movement up or down if Hillary Clinton won the White House. The currency saw little to no change following an announcement made by FBI Director James Comey to Congress, which brought an end to the investigation into Clinton’s use of a private email server when she was secretary of state, stating that no evidence of any criminal activity was found.

Bitcoin declined from its recent highs last Thursday to end weeks of almost steady gains on rumors of new regulations in China that could soon be imposed on the digital currency to limit money outflow from the nation at a time when the Chinese yuan trades near its lowest level in 6 years, which increased demand for hedging assets that can bypass capital control laws like Bitcoin. The rumors remain unconfirmed at the time of this writing.

BTC/USD traded at 707.4 as of 19:11 GMT to remain little changed from today’s opening level at 702.8. The pair’s highest point today was 711.4 at 14:54 GMT and its lowest level was 701.0 at 07:39 GMT.

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