The price of bitcoin is rocketing on Trump's shock win

The price of bitcoin is reacting strongly to the news that Donald Trump is president-elect of the United States.

The cryptocurrency is up 4.07% to $738.33.

Here's the chart from Coindesk:

Coindesk

Uncertainty and volatility rules in the markets as Europe wakes up to Trump's shock victory. All of the continent's major indexes are off more than 2% just after 8.00 a.m. GMT (3.00 a.m. ET), with shares in both Spain and Italy more than 3.5% down.

Here's HSBC (emphasis ours):

"A Trump Presidency will probably have mixed implications for businesses in the US. Trump advocates lower corporate taxes, but he has also suggested that he would try to curtail the ability of companies to freely move capital out of the country," HSBC's chief US economist Kevin Logan said in a note circulated on Wednesday morning.