The dollar surged and bitcoin hit a record high Wednesday as traders bet on a victory for Donald Trump as he picked up two of the key swing states needed to take the White House, ramping up bets on fresh tax cuts, tariffs and rising inflation.
Wednesday 06 November 2024 - 08:36amHONG KONG -
While many key swing states were too close to project, Trump won Georgia and North Carolina, with others still up in the air. Bitcoin piled almost $6,000 higher to a record $75,330.88, topping its previous peak of $73,797.98 in March. Investors are"potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency", he added.
And Peter Esho, economist and founder at Esho Capital, said:"The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook." The dollar's surge against the yen rallied stocks more than three percent in Tokyo at one point thanks to gains in exporters, while Shanghai, Sydney, Singapore, Taipei, Mumbai and Bangkok also rose.Hong Kong was also well down -- at one point diving almost percent -- on worries about the impact of a Trump presidency on China's economy and relations between Beijing and Washington.
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