Bitcoin surged 7%, reaching $75,060, while the dollar strengthened as Trump’s projected election victory spurred market confidence. Trump’s anticipated return to the White House fueled gains in cryptocurrency and dollar assets. Republican wins in battleground states have investors eyeing favorable economic policies. Market volatility remains expected.
Following CNN’s projection that Donald Trump is on track to reclaim the presidency, financial markets saw notable shifts. Bitcoin surged by 7 percent, reaching $75,060 during Asian trading hours, surpassing its March peak. Ether also saw a rise, increasing by 7.5 percent. This rally is largely attributed to investors’ anticipation of Trump’s return, sparking renewed interest in decentralized assets like cryptocurrency amidst expectations of economic policy shifts.
Meanwhile, the Bloomberg Dollar Spot Index rose 1.5 percent, reflecting investor confidence in the dollar as Trump edges closer to victory. His projected win in key battleground states, including Georgia, North Carolina, and Wisconsin, has brought him to the pivotal 270 electoral college votes, with Republicans appearing poised to control both the White House and Congress. Trump’s policies, which focus on low taxes and high tariffs, are believed to be major factors driving the dollar’s gains, as they promise to create a favorable environment for domestic businesses.
According to Jeanne Walters, a senior economist at Emirates NBD, Trump’s strong lead represents a major swing in voter support, particularly in traditionally divided states. This marks the third consecutive election where key Rust Belt and Sun Belt states have played a decisive role. Trump's support among rural and culturally conservative voters has remained solid, and he appears to be making gains among minority communities, notably Black and Latino men.
As the final count continues, markets are bracing for possible volatility, with investors watching closely for further confirmation of Trump’s victory.
