Bitcoin soared to a record $75000 on Wednesday, driven by increasing investor confidence in a potential Donald Trump victory in the U.S. presidential race.
As Trump secured key swing states crucial to a White House win, markets responded favorably, expecting his policies on tax cuts, tariffs, and inflation to boost economic growth.
As at press time Trump has 246 electoral votes while Kamala has 189 . A candidate has to reach 270 to be declared winner. Trump’s success in swing states like Georgia, North Carolina, and the critical battleground of Pennsylvania gave a substantial lift to the “Trump Trade.”
Join our Entertainment WhatsApp Group
Don’t miss out on any real gist. Join Our WhatsApp group to enjoy updates
Hopes for a Republican Senate takeover further boosted optimism around Trump’s economic agenda, with traders anticipating sweeping tax cuts, deregulation, and increased tariffs, potentially strengthening the U.S. dollar.
The greenback jumped 1.5% to its highest since July, reaching 154.33 yen, while also gaining against the euro and Mexican peso.
Bitcoin mirrored this trend, surging over $6,000 to a new all-time high of $75,371.69, reflecting investor confidence in Trump’s policies. Many view a Republican-controlled government as advantageous for digital assets, especially with Trump’s vow to make the U.S. the “bitcoin and cryptocurrency capital of the world.” His commitment to technological innovation, including potential collaboration with tech visionary Elon Musk, has resonated with traders.
Experts suggest that a Republican sweep of Congress and the White House would likely fuel expectations of higher growth and inflation, pushing up the dollar and Treasury yields. However, some warn of potential market volatility, depending on the scale of policy shifts.
The Federal Reserve faces additional pressure, as Trump’s inflationary economic plans may complicate its efforts to control inflation.
U.S. stock markets, supported by the dollar’s strength, saw gains across major indices, while Asian markets displayed mixed results amid concerns of a potential trade war with China under Trump. Despite positive momentum in markets like Tokyo and Sydney, Hong Kong’s market dropped sharply, reflecting anxiety over Trump’s tariff threats against Chinese goods—a concern heightened ahead of a major Chinese economic meeting on stimulus measures amid the country’s debt crisis.
As the world watches the election closely, traders continue to adjust their positions, navigating an increasingly unpredictable political and economic environment
