Trump Rally Boosts Bitcoin to 3-Month Peak

21 Oct 2024 , 09:49 AM

In early Asia trade on Monday, bitcoin reached a three-month high, while the dollar appeared poised to continue rising in markets as they get closer to the U.S. presidential election in two weeks.

After briefly breaking above 150 per dollar last week for the first time since early August, the yen was down 0.1% at 149.32 per dollar today, remaining on the higher side of that mark.

Election polls indicate that former President Donald Trump’s chances of winning the Nov. 5 election are increasing, and this is strengthening the dollar since it is believed that his proposed tax and tariff policies would maintain interest rates in the United States high and weaken the currencies of trading partners.

The European Central Bank’s dovish rate decrease and robust U.S. statistics last week drove swings in major currencies and raised expectations for how quickly U.S. rates can fall, especially if Trump wins the presidency.

The dollar index measure was 103.45 when compared to key competitors. It recorded gains of 0.55% for the week but dipped 0.3% on Friday as risk appetite increased generally throughout markets following China’s announcement of additional details regarding its extensive stimulus package. Both the euro and the pound were steady at $1.0866 and $1.3045, respectively.

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