Most cryptocurrencies rallied on Wednesday after Donald Trump was announced the winner of the US presidential election.

Trump is now the 47th president of America, after beating his Democratic opponent in a landslide. 

Not only has Trump won the presidential election, his Republican party now controls both chambers of Congress.

Bitcoin hit a new record high at $75000, as Trump is viewed as far more supportive to cryptocurrencies. 

Otherwise, Standard Chartered predicted a stunning spike in bitcoin’s prices to $125000 by the end of this year if Trump carried out his announced economic plans, and it could even reach $150,000 with additional measures to support cryptocurrencies on a wider scale. 

Some reports indicate that Trump plans to create a strategic bitcoin reserve and reduce some of restrictive regulations for cryptocurrencies. 

And now investors await the policy decision by the Federal Reserve tomorrow, widely expected to cut interest rates by 25 basis points to 4.5%.

Ethereum

Ethereum rallied 10% as of 21:00 GMT to $2679.

Ripple

Ripple rose 5.4% on Coinmarketcap as of 21:00 GMT to $0.5416.

Dogecoin 

Elon Musk-backed Dogecoin spiked 15% today to $0.1947.

EU officials are preparing for Donald Trump’s return to the White House after his landslide victory over his Democratic opponent Kamala Harris today.

They expect increasing trade tensions, and for the EU block to carry a larger burden in political and financial support to Ukraine as the US will likely back away from direct support. 

In the past, Trump has preferred to deal with regional allies, such as Hungarian prime minister Victor Orban, individually, rather than the EU as a bloc. 

While the mood was filled with tension, there was some optimism, as EU officials already have experience dealing with Trump, and their policies are more aligned now, with a firmer stance against immigration. 

The EU has also taken a harsher stance against China in regards to trade and car imports, which could bring them closer to Trump.

As for Nato, Trump has threatened to withdraw from it in 2028 but the mood is less panicking now. 

It’s believed that Trump will take a more measured stance on European affairs, while EU officials will freely admit that Trump’s pressures helped them push their defense budgets to 2% of total GDP.

Some analysts have noted a stark divide between Eastern and Western European politicians in regards to Trump.

Western European politicians are in large more cautious and suspicious of Trump, while Eastern European officials warm up to his business-like attitude and unpredictableness. 

The Energy Information Administration reported a surprise buildup of 2.1 million barrels in US crude stocks last week to 427.7 million barrels, while analysts expected no change. 

Gasoline stocks rose by 0.4 million barrels to 211.3 million barrels, while distillate stocks rose by 2.9 million barrels to 115.8 million barrels. 

US stock indices rallied on Wednesday to a new record high after Donald Trump’s historic win of the US presidential elections. 

Trump is now the 47th president of America, after beating his Democratic opponent in a landslide. 

Not only has Trump won the presidential election, his Republican party now controls both chambers of Congress.

Now investors await the policy decision by the Federal Reserve tomorrow, widely expected to cut interest rates by 25 basis points to 4.5%.

On trading, Dow Jones rallied 3.2% as of 17:30 GMT to 43,562 points, while S&P 500 spiked 2.1% to 5903 points, as NASDAQ added 2.4% to 18,879.