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Bitcoin hits an all-time high as the cryptocurrency market buzzes with the news of Trump's return to America
Cryptocurrency: Bitcoin was seen trading 8.4% higher at $75,060 on Wednesday. Ether also saw a rise, rising 7.2% to $2,576. Trump's attitude towards cryptocurrency compared to Harris has created a bullish environment in the market. Let's know what is currently happening in the cryptocurrency market.
Bitcoin reached a fresh all-time high on Wednesday, overcoming its previous high above $75,000 when, in the US Presidential election results, it was overtaken by Republican candidate Donald Trump.
According to media reports, Trump has been awarded 267 of the 270 electoral seats needed for a majority. Trump won eight states, while Harris carried three states and Washington, DC. Still, with an uncomfortable election outcome, the result is likely to rely on seven swing states.
Bitcoin surged 8.4% to 75,060 dollars on Wednesday while Ether leaped 7.2% to 2,576 dollars. Trump's relatively relaxed stance on cryptocurrencies compared to Harris triggered a bullish reaction in the market. The dollar index, which measures the US dollar against six major peers including the euro and yen, rose 1.25% at 104.72 after Trump dominated early exit polls.
On balance, most analysts believe Trump's plans for restricted immigration, tax cuts, and sweeping tariffs are likely to put more pressure on inflation and the bond market than Harris.
