US Election: Dollar, Bitcoin hit new all-time high as Trump gains ground

The US dollar hit a record high on Wednesday, while Bitcoin also saw a significant rise, as traders placed bets on a potential Donald Trump victory in the 2024 presidential election.

Trump’s wins in key swing states have fueled expectations of fresh tax cuts, tariffs, and rising inflation, driving the surge in both currencies.

Although opinion polls had suggested a tight race, Trump appeared to be outperforming his Democratic opponent, Vice President Kamala Harris, as the results came in. He is currently just three electoral votes away from victory.

Both candidates had secured expected wins in safe states, but signs that Trump was gaining ground helped propel the “Trump Trade.”