Bitcoin and the Dollar Are Rising in Value Amid Current News About the U.S. Presidential Election

On Wednesday, the dollar rose significantly, and Bitcoin surged to a new all-time high as investors leaned into the so-called "Trump trade" following the emergence of the first results from the U.S. presidential election.

The dollar’s appreciation is evident, as analysts view Trump’s tariff and immigration policies as inflationary, which supports the currency.

In Georgia, a crucial battleground state, Republican Donald Trump is currently leading over Democrat Kamala Harris, with more than half of the ballots counted, according to Edison Research.

Trump has so far won 15 states, while Harris holds seven states and Washington, D.C. Although it’s still too early to make predictions, financial markets began moving during the Asian session to assess the potential victory of the former president.

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Bitcoin Registers New All-Time High, Reaching Just Over $75,000

As vote counting in the country is still in its early stages, it may take hours or even days before a final result is reached.

Bitcoin, for its part, rose by as much as 8.5%, reaching a record high of just over $75,000, as Trump is considered more crypto-friendly than Harris.

Kosta Gushterov