Donald Trump is now officially the 47th president of the United States. He will subsequently reoccupy the White House, resulting in a significant increase in the value of the US currency.
Donald Trump’s victory in the presidential election and his subsequent re-entry into the White House have resulted in a significant increase in the value of the US dollar.
Bitcoin has also reached a record high as traders speculate about the potential for tax cuts, increased tariffs, and growing inflation during Trump’s second term.
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The outcome of this election will have a significant impact on the global economy. The Republican Party is also poised to assume control of the Senate even though votes are still counted.
Trump Wins, US Dollar Soars
The US dollar has appreciated by approximately 1.4% compared to various currencies, such as the euro, pound, and Japanese yen. Japan’s Nikkei 225 stock index ended the session by 2.6%, while the ASX 200 in Australia closed by 0.8%.
It is also anticipated that the main US stock indexes will commence their trading sessions with a significant increase. On Tuesday, the Dow Jones Industrial Average, S&P 500, and Nasdaq closed with gains exceeding 1%.
Trump Wins, Bitcoin Soars
The value of Bitcoin has also increased by $6,000 (£4,645) to a record high of $75,371.69, surpassing the previous high of $73,797.98, which was observed in March of this year.
The United States has been pledged to become the “bitcoin and cryptocurrency capital of the world” by Trump beforehand. His approach starkly contrasts that of the Biden administration, which launched a comprehensive assault on crypto firms in recent years.
Trump had expressed his intention to terminate Gary Gensler, the chairman of the Securities and Exchange Commission, who has faced criticism from supporters of the digital currency on the internet.
This results from Mr. Gensler’s agency’s recent implementation of new regulations regarding environmental disclosures, which have been temporarily suspended, and legal actions against cryptocurrency companies.
Elon Musk’s Constant Support for Crypto
Additionally, Trump has declared his intention to appoint billionaire Elon Musk as the head of an audit of governmental waste.
Mr. Musk has been a consistent advocate for cryptocurrencies. Tesla, his company, famously invested 1.5 billion US dollars in Bitcoin in 2021, even though the price of digital currency is highly volatile.
