US shares hit record highs on Wall Street and the dollar posted its biggest gain in eight years as Donald Trump was re-elected to the White House in a historic win, BBC reported.

Bitcoin also hit an all-time high, following Trump’s election promise to prioritise the volatile crypto currency.

US shares hit record highs on Wall Street and the dollar posted its biggest gain in eight years as Donald Trump was re-elected to the White House in a historic win, BBC reported.

Bitcoin also hit an all-time high, following Trump’s election promise to prioritise the volatile crypto currency.

Markets and currencies around the world shifted sharply on Wednesday following the US election news:

The major US stock indexes soared, with banks performing particularly well

The dollar was up by about 1.65% against a host of different currencies, including the pound, euro and the Japanese yen

The pound sank 1.16% against the US dollar to its lowest level since August

The FTSE 100 index, comprising the largest companies listed in the UK, rose in early trading before closing marginally down

The euro dived 1.89% against the US dollar to its lowest level since June as the German Dax and the French CAC 40 and stock indexes closed down 1.14% and 0.51% respectively

In Japan, the benchmark Nikkei 225 stock index ended the session up by 2.6%

In mainland China, the Shanghai Composite Index ended 0.1% lower, while Hong Kong’s Hang Seng was down by around 2.23%

The value of Bitcoin jumped by more than $6,600 (£5,120) to an all-time high of $75,999.04.

Trump’s stance on crypto stands in stark contrast with that of the Biden administration, which has led a sweeping crackdown on crypto firms.

He pledged to make the US “the bitcoin superpower of the world”. (BBC)

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