The dollar surged, and bitcoin hit a record high Wednesday as traders reacted to Donald Trump’s projected wins in two key swing states, sparking expectations of tax cuts, tariffs, and potential inflation under his administration.

While polls had forecast a close race, Trump appeared to gain an edge over Democratic rival Vice President Kamala Harris as early results trickled in. Both candidates secured wins in safe states, but Trump’s momentum in key regions lifted the so-called “Trump Trade.”

With some swing states still too close to call, Trump secured Georgia and North Carolina, boosting market confidence in a Republican-led economic agenda. The Republican Party’s control of the Senate increased the likelihood of substantial tax cuts, new tariffs, and deregulation—factors that strengthened the U.S. dollar.

The dollar jumped 1.5 percent to 154.33 yen, its highest since July, and rose over one percent against the euro and more than three percent against the Mexican peso. Bitcoin, meanwhile, soared by nearly $6,000 to a new high of $75,330.88, surpassing its previous peak of $73,797.98 in March.

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Trump has vowed to make the United States a global cryptocurrency hub, and his support for tech billionaire Elon Musk leading a federal audit has fueled speculation in the digital asset markets.

“The price of bitcoin has closely mirrored Trump’s position in polls and betting markets,” remarked Russ Mould, an analyst at AJ Bell, just before the election.

Investors anticipate that a Republican win could spur demand for digital assets, Mould added. Analysts also suggest that full Republican control of Congress and the White House would likely benefit the dollar and Treasury yields, given Trump’s plans for tax cuts and import tariffs.

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Stephen Innes, an analyst at SPI Asset Management, noted that Republican dominance in both chambers of Congress “could lead to bold fiscal policies,” though a divided Congress might limit volatility.

Meanwhile, Peter Esho, economist at Esho Capital, observed that markets are currently betting on higher growth and inflation under a Trump administration.

This potential outcome could complicate matters for Federal Reserve Chair Jerome Powell, who continues to tackle inflation. The central bank is expected to announce a policy decision Thursday, potentially lowering rates by 25 basis points after a 50-point cut in September.

The dollar’s strength against the yen led Tokyo stocks to rally more than three percent, particularly in export-heavy sectors, while Shanghai, Sydney, Singapore, Taipei, Mumbai, and Bangkok saw gains. Losses, however, hit markets in Seoul, Wellington, Manila, and Jakarta.

Hong Kong dropped nearly one percent over concerns about how a Trump presidency might impact China’s economy and U.S.-China relations, as Trump has vowed to intensify tariffs against Chinese goods.

U.S. markets had set a positive tone, with the three major Wall Street indexes climbing more than one percent. Globally, all eyes remain on the election as it could influence trade dynamics, particularly with China, where Trump has committed to more stringent trade measures.

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President Bola Tinubu has offered his heartfelt congratulations to President Donald Trump on his re-election as the 47th President of the United States.

In a statement issued by Bayo Onanuga, Special Adviser to the President (Information & Strategy), Tinubu expressed optimism about strengthening the relationship between Nigeria and the U.S., emphasizing the need for economic cooperation, global peace, and addressing challenges affecting citizens across the globe.

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“President Tinubu looks forward to furthering the ties between Nigeria and the United States in a world marked by complex challenges and opportunities,” the statement read. “Together, we can foster economic growth, promote peace, and tackle global issues that impact the lives of our citizens.”

Tinubu commended Trump’s victory as a reflection of the American people’s trust and confidence in his leadership, while also congratulating them for their commitment to democratic principles.

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He further noted that Trump’s previous tenure as the 45th president of the U.S. would serve as an asset in advancing beneficial and reciprocal economic and development partnerships between Africa and the United States during his second term.

Acknowledging the global influence of the United States, President Tinubu expressed confidence that under Trump’s leadership, the world would move closer to peace and prosperity.

Watch video of the week below

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Polling stations across the United States have now officially closed, marking the end of voting in the highly anticipated presidential election, according to NAN reports.

Due to the country’s multiple time zones, the closing of the polls stretched over several hours. While the election’s winner has yet to be determined, Republican candidate Donald Trump has secured victories in two key battleground states, inching closer to a potential win.

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Trump has already addressed his supporters, expressing gratitude for their unwavering support throughout the campaign. To claim victory, a candidate needs to secure 270 electoral votes from across the country.

In his speech, Trump expressed gratitude to the people of America for the honor and support.

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He said, “We overcame obstacles nobody thought were possible. This is a political victory nobody has seen before in America. It’s a victory of reason. I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president.”

“America has given us an unprecedented and powerful mandate.”

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