Bitcoin hits $74k high amidst Trump Victory
Dollar rallies, bitcoin hits record high as US votes bolster ‘Trump trades’
Bitcoin surged by as much as 8.54% to the record $75,060. Trump appears to have been more vocally and actively supportive of cryptocurrencies.
Dollar and Bitcoin Record High
The dollar rallied across the board on Wednesday, with bitcoin surging to a record as investors came flocking back to so-called “Trump trades” ahead of initial results from the extremely close US presidential election.
According to Edison Research, in the key battleground state of Georgia, Republican Donald Trump leads Democrat Kamala Harris by more than half the ballots counted.
But vote counting is still in an early stage nationally, so it could be hours or even days before a final outcome is known.
The dollar index, measuring the currency against six major peers including the euro and yen, rose 1.42% to 104.84 as of 0311 GMT.
Trump’s tariff and immigration policies are seen as inflationary by analysts, boosting the dollar.
Bitcoin Rise 8.5%: Bitcoin hits $74k high amidst Trump Victory
Bitcoin rallied as much as 8.54% to a record $75,060. Trump is viewed as more strongly supportive of cryptocurrencies than Harris.
“The market seems to be reacting to the strong showing by Trump so far in Georgia but until results start rolling in from the more urban suburbs it remains too close to call,” said James Kniveton, a senior corporate forex dealer at Convera.
“The US dollar has regained a lot of ground lost recently, he said. “Risk currencies such as the AUD that appreciated ahead of a tightening race are having a pullback as Trump racks up some early wins,” he added.
Currency Appreciation: Bitcoin hits $74k high amidst Trump Victory
The Aussie fell 1.4 percent to $0.65445.
The euro was off 1.54 percent at $1.0760, while the dollar surged 1.64 percent to 154.035 yen.
The counts are so far broadly in line with expectation, but the race will likely hinge on seven swing states.
The U.S. currency rose 2.9% to 20.6767 Mexican pesos. The currency appreciated 0.93% to 7.1644 yuan in offshore trading. Mexico and China are among nations that may bear the biggest pain from the Trump tariffs.
Bitcoin hits $74k high amidst Trump Victory
Note: The information above might not be accepted 100%. Please verify from your own sources. We will not be responsible for any kind of loss due to our content.
For more news, please visit Munafa Marketing.
