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Bitcoin is not enjoying a Biden Bounce today, though.

It’s fallen over 5%, or nearly $2,000, to around $34,500 after Treasury secretary nominee Janet Yellen warned that cryptocurrencies could be used for illicit activities such as terrorist financing.

Senator Maggie Hassan yesterday asked Yellen about the dangers of terrorists using cryptocurrencies during the latter’s Treasury confirmation hearing.

Yellen said: You’re absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology.

#Bitcoin plunges >5% on latest sign lawmakers & regulators could get tough on cryptocurrencies. Janet Yellen suggested lawmakers 'curtail' use of Bitcoin amid terrorism concerns. Yellen said cryptocurrency transactions mainly used for 'illicit financing'. https://t.co/0aEsQcH7kW pic.twitter.com/2Huls8zqXd

European stock markets have had a decent morning, lifted by the prospect of stimulus measures from the new team in the White House and the easing of Covid-19 restrictions this year.

The Europe-wide Stoxx 600 is up 0.5%, with gains in Frankfurt and Paris.

“The pomp and ceremony of inauguration day has come with a similarly chipper outlook from European markets, with traders hoping this marks the beginning of a more stable four years.

“European markets are preparing looking forward with optimism this morning, with Joe Biden’s inauguration marking the end of a four-year period that married up both Brexit and global trade uncertainty.

Related: Biden inauguration: Trump to leave White House for Florida before ceremony – live updates

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