The US dollar index has risen to its highest since July, sitting at 105 at press time. The valuation uptick strengthening the dollar index is the result of the euphoric election win that crowned Donald Trump as the 47th US president. Trump has made rather bold statements during his electoral campaigns concerning the dollar and crypto, which have now started to pump, in hopes that Trump’s regime would shelter their sectoral liberty.
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US Dollar Claims A New Value Peak
The US dollar index, a marker that compares the USD with other currencies, is currently sitting at a high peak point of 105. This roughly translates to the strengthening of the US dollar against a basket of currencies, including the Euro and Yuan, which have given stiff competition to the dollar as of late. The dollar index is at its strongest since July 2024 as a result of Trump’s iconic election win. In addition to this, Euro and Yuan have recorded their lowest price levels in 3 months, sitting at 1.06 and 0.14, respectively.
Trump had earlier pledged to revive America’s glorious past by reinstating the dollar’s long-lost value. The recently elected US president has also shared plans to impose taxes on nations moving away from the dollar to protect the prestige of the American currency.
Kyle Rodda, a senior financial expert at Capital.com, shared how the US dollar may continue to gain strength upon expectations of Trump’s currency policy amendments and better trade trajectory executions.
“The expectation of U.S. economic outperformance and aggressive trade practices from the Trump administration continues to push the U.S. dollar higher,” Rodda said.
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Bitcoin Spikes To Claim A High Of $88K
Donald Trump has shown his loyalty towards the dollar, but that does not mean the sector of cryptocurrency will not receive potential benefits. Trump is globally renowned for his love for Bitcoin. The fact that Bitcoin and crypto in general played a huge role in his electoral campaigns speaks volumes about his commitment to the sector.
As Trump secured his seat as the next US president, investor expectations have now amplified, strengthening Bitcoin’s path and future trajectory based on overhauls that Trump might initiate for the sector. For instance, his commitment to establishing a Bitcoin reserve as well as making the US a central hub of crypto are certain game-changing statements that are now playing a key role in bolstering BTC price levels.
Donald Trump, who has been elected as the president of the United States, had made ten promises to the cryptocurrency industry in the past year: including firing SEC Chairman Gary Gensler, stopping the US government from selling Bitcoin, establishing a strategic Bitcoin reserve,… pic.twitter.com/LrZydm0ZIR
— Wu Blockchain (@WuBlockchain) November 6, 2024
BTC To Touch $100K By Year End?
The Trump euphoria that is currently fueling Bitcoin’s spike is not going to subside anytime soon. The token is presently sitting at $88K and could easily touch $100K by year-end if Trump continues to leverage Bitcoin as a vital part of this administration regime.
“If history is any guide, Bitcoin could easily finish the year around $100,000,” said Kyle Rodda, a senior financial markets analyst at Capital.com.
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