The dollar surged and bitcoin hit a record high as traders bet on a victory for Donald Trump as results for the US election rolled in.
During his presidency Donald Trump referred to cryptocurrencies as a scam, but has since radically changed his position. Image: KAMIL KRZACZYNSKI / AFP
The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than two percent against the Mexican peso. “The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election.
Such an outcome for the Republicans could provide a headache for Federal Reserve boss Jerome Powell as he continues his battle to bring inflation to heel, with Trump’s plans considered inflationary. Traders had been given a strong lead from Wall Street, where all three main indexes climbed more than one percent.
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