Dollar rallies, bitcoin hits record high as early US votes bolster 'Trump trades'

Published On Nov 5, 2024, 10:45 PM

The U.S. dollar is experiencing a surge, having rallied significantly (1.42%) as early voting results in the presidential election show Donald Trump leading Kamala Harris in key states like Georgia. Analysts believe Trump's economic policies could be inflationary, which has fueled the dollar's strength. Bitcoin has soared as well, hitting a record high of $75,060, as investors anticipate that a Trump presidency may favor cryptocurrencies more than a Biden administration would. This trend is being called 'Trump trades', reflecting confidence among investors regarding Trump's return to presidency.