Dollar soars, bitcoin hits record, stocks swing as Trump win seen
The dollar surged and bitcoin hit a record high Wednesday as traders bet on a victory for Donald Trump as he picked up key swing states needed to take the White House, ramping up bets on fresh tax cuts, tariffs and rising inflation.
While polls had shown the race on a knife edge, the Republican appeared to be faring better than his Democratic opponent Vice President Kamala Harris as results rolled in.
Both candidates picked up expected wins in safe states, but indications that the business tycoon was on course for a second term boosted the so-called Trump Trade.
The tycoon won Georgia and North Carolina, with others still up in the air, while US networks declared him the winner in key battleground Pennsylvania with Fox News calling the election in his favour.
News that the former president’s party had won control of the Senate boosted the prospect of sweeping tax cuts, more tariffs and deregulation — seen as a boost for the greenback.
The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than three percent against the Mexican peso.
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Bitcoin piled more than $6,000 higher to a record $75,371.69, topping its previous peak of $73,797.98 in March.
Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.
“The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election.
Investors are “potentially taking the view that a Republican victory
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