The value of bitcoin dropped over the weekend, but remained consolidated above $700 level, thanks to the post-presidential election rally in the United States last week.

The digital currency surged 11 percent against the U.S. dollar over the past couple of weeks, supported by the continued interest from Chinese investors who remain wary of yuan-denominated assets. Bitcoin’s appeal as a safe haven asset was also put on display last week, when Republican candidate Donald Trump was elected as the 45th president of the United States.

News of Trump’s election victory triggered volatility in the markets late last Tuesday, and sent the price of bitcoin soaring to $737. Volatility, however, soon faded and U.S. stocks started to regain momentum, which, in turn, resulted in a sharp decline in haven assets.

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