Dollar, Bitcoin don dey rise as Trump don win presidency

Mr Donald Trump sure win for di US presidential election wey don make di dollar dey rise to im biggest one-day increase.

Bitcoin don also reach record high as traders dey bet on wetin fit happen like tax cuts, increase for tariffs, and rising inflation under Trump second term.

Dis election result get big impact for di global economy.

Di Republican Party dey set to take control of di Senate, even though still get some votes wey dem never count.

Republican Trump don claim victory for di 2024 presidential contest after Fox News talk say e don defeat Democrat Kamala Harris.

Odir news outlets never call di race for Trump, but e dey close to win after e don capture di battleground states of Pennsylvania, North Carolina and Georgia and dey lead for di odir four, according to Edison Research.

Meanwhile, dollar don rise by about 1.5% against plenty different currencies, wey include pound, euro and Japanese yen, BBC report.

For Japan, di benchmark Nikkei 225 stock index end di session up by 2.6%, while Australia ASX 200 close 0.8% higher.

Di major US stock indexes sef fit open sharply higher.

Dis one come after di Dow Jones Industrial Average, S&P 500 and Nasdaq all close more than 1% higher on Tuesday.

Trump don promise say him go make US di “bitcoin and cryptocurrency capital of di world”.

Di value of Bitcoin don jump by $6,000 (£4,645) to record high of $75,371.69, wey pass di previous high of $73,797.98 wey dem see for March dis year.

Trump don talk before say him plan to put billionaire Elon Musk for charge of audit of government waste.

Mr Musk don long dey support cryptocurrencies and him company Tesla famously invest $1.5bn for Bitcoin for 2021, although di price of di digital currency fit dey very volatile.

Tesla share wey dey listed for Frankfurt don rise over 14% when dem open on Wednesday.

Mr. Musk, wey be Tesla top shareholder, don support Trump throughout him electoral campaign.

Experts dey predict say e go be turbulent day for oda financial markets as response to global uncertainty and Trump potential plans for di economy.

“Plenty of him measures go cause inflation and fit lead to increase for bond yields, wey go put pressure for Federal Reserve as dem dey try bring interest rates down,” na wetin Lindsay James, investment strategist for Quilter Investors talk.

Donald Trump don talk before say him go increase trade tariffs well well, especially on China, if him become di next US president.

“Trump global trade policies dey cause plenty worry for Asia, bicos of di strong protectionist platform wey dem don promise more aggressive tariffs on imports wey dey enter US,” na wetin Katrina Ell, director of economic research for Moody’s Analytics talk.

Trump isolationist stance for foreign policy don also raise questions about him willingness to defend Taiwan against possible aggression from China.

Di self-ruling island na major producer of computer chips, wey dey very important for di technology wey dey drive di global economy.

For mainland China, di Shanghai Composite Index end di day down 0.1%, while Hong Kong’s Hang Seng dey down by around 2.23%.

Trump’s tax-cutting agenda don get plenty welcome from big corporates for di US.

“We suppose see pro-business policies and tax cuts, wey fit drive inflation up and make rate cuts no plenty,” na wetin Jun Bei Liu, portfolio manager for Tribeca Investment Partners talk.

Investors get odir key issues wey dem go focus on dis week.

On Thursday, di US Federal Reserve go announce dem latest decision on interest rates.

People go dey watch wetin di head of di central bank, Jerome Powell, go talk closely for di whole world.

On Friday, top Chinese officials go show more details about wetin Beijing plan to do to tackle di slowdown of di world second largest economy.

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