Now that the US Presidential elections are behind us, it is time to look at the collateral damage. Financial markets all over the world are taking a beating, as the entire globe’s population is afraid of what the future will hold. The US Dollar is falling, stocks are going deep in the red, and Bitcoin is showing a bullish uptrend.
Donald Trump Causes A Financial Meltdown, of Sorts
Anyone with half a brain could see how these US Presidential elections would affect the financial markets on a big scale. Regardless of who won, there would be an adverse market reaction, and that is exactly what we are getting. The US Dollar lost quite a bit of value in the closing hours of Presidential voting, and it remains on shaky legs for the time being.
But the US Dollar has widespread implications, affecting nearly all global trade. The world economy hinges on the USD, and any shock waves will be felt hardest by other countries. European shares are in a free fall across the stock markets, with losses of 4% and more being rather standard at this time.
The Mexican Peso is not doing all that great either, but that was to be expected. Thankfully, the central bank has a contingency plan in place, although it looks like they will have to put that to the test sooner rather than later. Then again, these are still the early stages of the election outcome, and the bigger picture has yet to become apparent.
American stocks are responding in the same manner as their European counterparts, although the losses are slightly larger. The majority of stocks dipped by as much as 5% at one point, pushing them deeper into the red than the Brexit did. Global economic crisis and financial shock waves will be felt for years to come, and it is doubtful whether we have even scratched the surface of what lies ahead.
While the people of the United States have clearly shown their desire to have Donald Trump as President, it remains to be seen how quickly they will regret that decision. Financial experts warned about an economic collapse if this doom scenario became a reality, and the markets are responding accordingly.
The only exception to all of this significant turmoil is none other than Bitcoin. In fact, its value has gone up by 5% and more in the past 24 hours, which is anything but surprising right now. People want safe haven assets, and even though Bitcoin is volatile, it is a far better choice than any fiat currency in existence today.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
