US election: Dollar surges, Bitcoin hits record high as Trump declares victory

The dollar on Wednesday set for its biggest one-day rise since March 2020 against major peers.

Bitcoin also jumped to an all-time high as so-called “Trump trades” took off, with traders increasingly betting on a U.S. election victory for the former President Donald Trump.

This comes after Trump was projected to win the country’s presidential election, becoming the 47th President.

Trump had earlier won Georgia, North Carolina and Pennsylvania, key battleground states for the 2024 presidential election.

The dollar’s climb began after very early indications of Trump winning Georgia and gathered pace throughout the day.

CNN also reports that Asian markets are tracking gains on Wall Street.

Japan’s Nikkei 225 closed 2.6% higher, while Australia’s S&P ASX gained 0.8%.