Trump Wins as 47th President of the United States

Trump’s historic return to the White House triggers market surges and shifts in economic sentiment as he overperformed his 2020 results in several regions

By Nadia Elbilassy | @Nadia Elbilassy | 6 November 2024

Trump Wins as 47th President of the United States
  • The US dollar set for its biggest single day gain since March 2020

  • Gold prices tumbled below $2700

  • Bitcoin hits a new all-time high above $75,000, fueled by Trump’s embrace of digital assets.

Trump returns

In a tightly contested race, Trump emerged as the winner of the U.S. presidential election, securing his return to the White House. A key victory in Pennsylvania, a crucial swing state, solidified his path, while North Carolina and Georgia — the latter having voted Democratic in the previous election — were also officially called in his favor. Meanwhile, Harris’s wins were largely contained to Democratic strongholds such as New York, New Jersey, and Connecticut.

Trump has made history as the first president in over a century to win a non-consecutive second term.

Markets reacted swiftly to the election outcome, with investors rallying around "Trump trades." Both Bitcoin and S&P futures soared to record levels, reflecting renewed confidence and anticipation among market participants.

The dollar surged to its highest level in a year, driven by expectations of faster inflation and higher interest rates. Although Trump has advocated for a weaker dollar, many investors believe his policies will likely have the opposite effect.

In the crypto market, Bitcoin soared to a record high above $75,000. Trump’s embrace of digital assets during his campaign followed a strong push from the industry, which backed its agenda with a substantial war chest, helping to shape his stance on cryptocurrency.