Bitcoin’s value spiked by 7 percent to reach $75,060 in Asian trading on Wednesday, setting a new peak for 2024, as polls increasingly suggest a potential return of Donald Trump to the White House.
The rise in Bitcoin was mirrored by a 7.5 percent increase in Ether, marking a bullish trend in the cryptocurrency market amid heightened political developments in the U.S.
The Bloomberg Dollar Spot Index also gained 1.5 percent, reflecting renewed investor interest in Trump’s economic promises, including low-tax and high-tariff policies. Analysts suggest that these policies could strengthen the dollar while potentially driving up inflation, creating favorable conditions for cryptocurrency growth as an inflation hedge.
In the latest election projections, Trump has secured crucial battleground states Georgia and North Carolina, placing him within reach of the 270 electoral votes needed to reclaim the presidency. With Wisconsin now projected in his favor, Trump has achieved the necessary count, though official results await confirmation.
Jeanne Walters, senior economist at Emirates NBD, noted that Trump’s current lead reflects the sequence of state closures. “Counting remains underway in each of the seven key swing states,” Walters told National News. “Final results could still take several days, depending on potential legal challenges.”
Trump’s party is also projected to take control of the Senate, setting the stage for potential shifts in both domestic and international policy. As results continue to come in, market volatility is expected to persist, with financial analysts closely monitoring the impact of a potential Trump administration on cryptocurrency and global market dynamics.
