WASHINGTON: The US dollar has surged as former President Donald Trump is on the cusp of winning back the White House in the presidential elections.
Bitcoin is at a record high as investors bet on potential tax cuts, tariffs, and increasing inflation under Donald Trump. The result of the election is likely to have a major impact on the international economy.
As per a projection from the BBC’s US partner CBS, the Republican is set to take control of the Senate but there are still some votes left to count.
The dollar has climbed by about 1.5% against a host of different currencies, including the euro, pound, and the Japanese yen.
Some reports suggest that the value of Bitcoin also jumped by $6,000 to record high of $75,371.69, surpassing the last high of $73,797.98 in March this year.
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In Tokyo, Japan, the benchmark Nikkei 225 stock index concluded the session up by 2.6%, while Australia’s ASX 200 closed 0.8% higher.
Donlad Trump has promised to make the United States the “bitcoin and cryptocurrency capital of the world”. Trump also plans to put billionaire Elon Musk in charge of an audit of governmental waste, BBC reported.
Earlier, Donald Trump claimed victory and vowed to “heal” the country Wednesday as results put him on the verge of beating Kamala Harris in a superb White House comeback.
However, his exuberant speech came despite the fact that only Fox News had declared the former President the winner, with no other American networks having made the call so far.
