Dollar Surges, Bitcoin Hits Record High as Trump Claims Victory

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.

EDITOR’S PICKS

• NASU, SSANU Strike Nears End As FG Promises Payment Resolution
• Eredo LCDA Shares Update on Lawal Street Road Construction in Odomola
• Withdraw Tax Reform Bill From NASS – NEC Urges Tinubu

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.

FURTHER READING 

• Allow Local Refiners In Petroleum Production –Reps Urge Nigerian Govt
• “I Didn’t Enjoy My Childhood” – Oluwadolarz Opens Up About Early Struggles
• BREAKING: ‘Agbako’ – Nollywood Actor Charles Olumo Is Dead

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.

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611