U.S. stock markets saw significant gains following Donald Trump becoming the President-elect.
According to the BBC, the value of Bitcoin surged by more than $6,600, reaching a high of $75,999.04.
The U.S. dollar was up by about 1.66% against other currencies, while the British pound dropped 1.16% against the dollar.
The euro decreased 1.89% against the dollar as the German Dax and the French CAC 40 closed at 1.14% and 0.51%, respectively.
China’s Shanghai Composite Index ended 0.1% lower, while Hong Kong’s Hang Seng decreased by around 2.23%, the outlet described.
Japan’s Nikkei 225, however, increased 2.6%.
Deutsche Bank analysts wrote in a research note that a “potential unified government under President Trump would have the greatest degree of freedom for fiscal policy and would likely be the most dollar bullish outcome.”
“But even without control of Congress, a Trump victory would be decidedly dollar bullish via the impact of tariffs and the dollar should especially outperform against high-beta currencies,” they said.
In July, Trump declared that he plans to make the United States the “crypto capital” and “Bitcoin superpower of the world.”
“The reason I have come to address the Bitcoin community today can be summed up in two very simple words: America first,” Trump told the Bitcoin conference in Nashville, Tennessee. “Because if we don’t do it, China is going to be doing it. Others are going to be doing it. Let’s do it and do it right. My vision is for an America that dominates the future.”
“If we don’t embrace crypto and Bitcoin technology, China will; other countries will,” Trump said. “They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”
