Bitcoin rose 7 percent to $75,060 in Asian trade on Wednesday, topping the March peak, as the U.S. polls suggest Donald Trump is returning to the White House. Ether, a smaller cryptocurrency, increased 7.5 percent.
The Bloomberg Dollar Spot Index also rose 1.5 percent as traders returned to wagers on the back of Trump’s pledge for low-tax and high-tariff policies.
Trump won in two battle ground states of Georgia and North Carolina taking his tally close to the required 270 electoral college votes he needs to be declared president. And his party has also taken control of the senate as votes are counted and projections made by the US media. Wisconsin called for Trump bringing the electoral tally to 270.
Trump has won 265 electoral collage votes, prompting the CNN to project him winner of the election.
“Trump’s large margin at this point in the morning is primarily a function of where polls have closed,” Jeanne Walters, senior economist at Emirates NBD told National News. “Counting also remains under way in each of the seven key swing states. Final results could still take several days, depending on whether any legal challenges are mounted.”
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