Trump's Election Surge Propels Dollar, Bitcoin To New Heights

Trump’s Election Surge Propels Dollar, Bitcoin To New Heights

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The United States (US) dollar and bitcoin have experienced significant gains as Donald Trump’s presidential campaign picks up steam, with the former President winning key swing States and taking the lead in the electoral count.

Trump’s victory in Georgia, North Carolina, and Pennsylvania, as declared by US networks, including Fox News, has boosted investor confidence in the so-called “Trump Trade.”

The dollar jumped 1.5% to 154.33 yen, its highest since July, while bitcoin reached a record high of $75,371.69, surpassing its previous peak of $73,797.98 in March.

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Analysts attribute this surge to Trump’s pledges to cut taxes, impose tariffs, and deregulate, which are seen as beneficial for the greenback.

According to Russ Mould, analyst at AJ Bell, “The price of bitcoin has closely followed Trump’s position in the polls and on betting markets.”

READ ALSO: Bitcoin hailed as the best-performing asset of 2023

Investors are also betting on a Republican victory, which could lead to increased demand for digital currencies.

Stephen Innes of SPI Asset Management notes that a Trump win could bring sweeping tax policy shifts, but congressional gridlock could suppress volatility.

Peter Esho, economist and founder at Esho Capital, adds, “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook.”

The election outcome equally has far-reaching implications for global markets, particularly in China, where Trump’s trade policies are a major concern.

The dollar’s surge against the yen rallied stocks in Tokyo, Sydney, Singapore, Taipei, Mumbai, and Bangkok, while Shanghai, Seoul, Wellington, Manila, and Jakarta experienced losses.


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