Bitcoin hits record $75,000 high after Trump declares election victory following his promise to make America ‘crypto capital of the planet’

Bitcoin rose to a new record high as Donald Trump declared victory in the US presidential election.

The digital currency rose to $75,397 this morning, surpassing its peak of around $73,000 in March.

It comes as Trump pledged during his campaign to make the United States the “crypto capital of the planet” – despite misgivings during his first term.

Trump previously described cryptocurrency as a scam, but has now radically changed his position and has a significant stake in the digital currency himself.

In September, the Republican candidate launched his family’s own cryptocurrency venture, World Liberty Financial.

But earlier this month it had a stuttering sales launch, with only a small portion of the tokens it put on the market finding a buyer.

Ahead of the election, many cryptocurrency advocates argued that a victory for the former president would be good for the currency.

Some analysts predicted that a Trump victory could send Bitcoin soaring to as high as $80,000 or $90,000.

DeVere’s Nigel Green told The Guardian before the vote: ‘A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory.

“His return to office would likely place a renewed emphasis on deregulation, tax incentives and economic policies that favor alternative investments such as Bitcoin.”

In the second half of his presidency, Biden has squeezed crypto companies in an effort to curb security breaches, raising questions about the currency’s future in the US.

It comes as global stock markets also soared as Fox News predicted the Republican candidate had won the presidency, beating Kamala Harris.

London’s stock market rose 0.9 percent, Paris climbed 1.0 percent and Frankfurt was up 0.8 percent as they recovered in early trading this morning.

Analysts generally expect Trump’s plans for limited immigration, tax cuts and sweeping tariffs, if implemented, would put more upward pressure on inflation and bond yields than Democrat Harris’ policies.

This morning, U.S. Treasury yields shot to a four-month high and the dollar rose, heading for its best daily gain in more than two years, while U.S. stock futures rose nearly 2 percent.

In early European trading, concerns that higher tariffs under a Trump presidency could deal another blow to the region’s economy pushed the euro up 1.7 percent to $1.074.

While yields on eurozone government bonds fell sharply, yields on German two-year bonds fell by 10 basis points to 2.19 percent.

The money markets have now priced in lower interest rates from the European Central Bank.

“For European companies, Trump’s return to the White House would mean significant trade policy and geopolitical uncertainty, with negative consequences for growth on the continent,” said Holger Schmieding, chief economist at Berenberg.

However, eurozone stock futures rose sharply, following their US counterparts.

Japan’s Nikkei rose more than 2.5 percent while the yen fell, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9 percent.

While markets were still confident that the Federal Reserve would cut rates by 25 basis points on Thursday, futures for next year were in the red with a decline of 9 points in December.

Ten-year Treasury yields rose from 4.279 percent to a four-month high of about 4.47 percent, breaking last week’s peak of 4.388 percent. The two-year yield rose to 4.31 percent from 4.189 percent late in New York.

“If we look at the long end of the curve, it reflects the fact that both candidates are not exactly fiscally conservative, they are both willing to use the fiscal printing press,” said Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions.