Dollar, Bitcoin soar as Donald Trump wins US presidency

Donald Trump's win in the presidential election has led to a surge in the value of Bitcoin, reaching a record high of $75,371.69.

The increase is largely attributed to Trump's stance on cryptocurrencies, including his proposal for a US Bitcoin strategic reserve and support for sectors like NFTs and DeFi.

Trump's election odds have been closely tied to Bitcoin's price movements, with a correlation of 0.83 and 0.89 on prediction markets Polymarket and Kalshi, respectively. 

However, it's essential to note that Bitcoin's price is also influenced by global economic factors, such as government spending and inflation. The market expects both Trump and Harris to implement policies that will drive inflation, potentially leading to increased demand for Bitcoin.

The outcome of the election will significantly impact the future of financial regulation, economic policy, and digital asset adoption in the US.

Republican former president Donald Trump has won the United States presidential election 2024 bagging 277 electoral votes, according to US media.

Rival Democrat Kamala Harris has won 226 electoral votes, according to the report.

Tesla tycoon and diehard Trump supporter Elon Musk has announced the Republican presidential candidate’s victory saying, “The United States people have given a crystal-clear mandate to Trump”.

President Trump has bagged 277 electoral votes to lead the United Sates for the next four years, according to media report.