Bitcoin hit a new record as results from the US Presidential election improved prospects for former President Donald Trump. The crypto asset soared to $75,000 on hopes of friendlier regulation. With polls closed in all states, the US dollar posted its biggest gain since February 2023, while stock futures soared. US treasury yields jumped as investors now turn their attention to the Federal Reserve’s two-day policy meeting Wednesday.
I'm Akiko Fujita with this Yahoo Finance Election Night update. Bitcoin hit a new record on returns of the US presidential election with results showing an edge for former President Donald Trump to return to the White House. The price of Bitcoin pushed above $75,000 late Tuesday on hopes of friendlier regulation after Trump appealed to the crypto community in his campaign. That move, one of many so-called Trump trades seeing momentum late Tuesday. His social media company, Trump Media and Technology Group, surged more than 10% in extended trade. Bond yields jumped as Trump inched closer to the electoral votes needed to win the presidency. The benchmark 10-year will be a key focus as investors turn their attention to Wednesday when the Federal Reserve is set to begin its two-day policy meeting. The market widely expecting the central bank to cut interest rates by a quarter of a percentage point. In the broader market, Dow futures surged ahead, gaining more than 500 points at one point. The S&P 500 and Nasdaq futures also seeing solid gains. We will keep you updated throughout the night on the latest developments. And for live market reaction to election results, you can go to our website, yahoofinance.com.