Following Donald Trump’s victory in the just concluded United States (US) election, the US shares hit record highs on Wall Street and the dollar posted its biggest gain in eight years.
New Telegraph reports that the markets and currencies around the world shifted sharply on Wednesday following the US election news.
Bitcoin also hit an all-time high, following Trump’s election promise to prioritise the volatile cryptocurrency.
The value of Bitcoin jumped by more than $6,600 (£5,120) to an all-time high of $75,999.04.
Trump’s stance on cryptocurrency stands in stark contrast with that of the President Joe Biden administration, which has led a sweeping crackdown on crypto firms.
Trump pledged to make the US “the bitcoin superpower of the world”.
During the election campaign, Trump had suggested that he could fire Gary Gensler,the chair of US regulator the Securities and Exchange Commission, who has taken legal action against several crypto firms.
Investors were, however, betting that Trump’s plan to cut taxes and raise tariffs will push up inflation and reduce the pace of interest rate cuts.
Higher rates for longer mean investors will get better returns on savings and investments they hold in dollars.
