Bitcoin spikes to record as traders expect Trump's victory to boost cryptocurrencies

We have been saying for many months that Trump's stance on cryptocurrency, coupled with the uncertainty surrounding the election, will push Bitcoin to new heights. This is about fundamental changes happening in the digital financial system. Trump's open support for cryptocurrency has fueled this rise."

According to Nigel Green, CEO of deVere Group

Because many investors expect a Trump victory to create a favorable path for Bitcoin's continued growth,

Green said

With the Federal Reserve expected to announce a likely 25 basis-point cut tomorrow, we are already seeing expectations reined in for the December meeting given the perception that Trump's policies are inherently inflationary,

forecast Joshua Mahony, analyst at traders Scope Markets

Investors are bracing for tariffs and a clampdown on (US) immigration, policies considered to be inflationary which are likely to mean interest rates may be more elevated in the years to come,

said Susannah Streeter, head of money and markets at Hargreaves Lansdown

Trump trade is in full swing,

noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank

Another Trump presidency is likely to place emphasis on energy independence and his policies are likely to favour fossil fuels, promoting deregulation in the oil, gas, and coal industries,

she said

Markets are a little on edge about the idea that a Trump administration will come with a lot of communication that will be difficult to separate the noise from signal,

said DWS Group's Bianco

In the shorter term, equity investors will look upon favorably a Trump victory because the potential for him" to extend current tax cuts

said Jake Seltz, portfolio manager with Allspring Global Investments

There are still going to be some question marks as to how aggressive Trump does go with tariffs, and that's going to be a story regardless of the composition of Congress, given that can be pushed through via executive action,

said Garrett Melson, portfolio strategist at Natixis Investment Managers

A Trump victory is likely to mean a more lax regulatory environment, escalating trade tariffs and potential attempts to repeal components of the Inflation Reduction Act (IRA).

Blair Couper, investment director at abrdn, says

Looking at Trump’s campaign promises, as well as his actions during his last presidency in 2017, we expect his presidency to bring reduced regulations across the board

James’s Place, says

Owning an S&P 500 index fund will mean have significant exposure to the Big Tech stocks that are facing increased scrutiny under anti-trust regulations.

But he adds

The hours ahead will be extremely interesting to watch.”

That now seems unlikely sending stocks to the stars but stay tuned as Gattiker added

With a Fed that's compelled to cut rates despite clear signs of bottoming inflation. This is one of the most challenging environments for the USD that I have seen in my career."

He wrote on social media platform X

Although there are still votes left to count, as Trump nears a victory, the US dollar index has picked up steam,

said James Kniveton, a senior corporate forex dealer at Convera

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

The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,

Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election

A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory,

said Nigel Green of deVere, also before the vote

His return to office would likely have a renewed emphasis on deregulation, tax incentives and economic policies favourable to alternative investments, such as Bitcoin,

Green added

Who wants a hamburger?”

Trump announced to fellow diners in September, days after he launched his platform