SINGAPORE - Asian stocks eased while the dollar held at four-month highs on Tuesday, though all the excitement was centred on bitcoin as it soared to a record peak underpinned by investor bets on assets that are likely to benefit from Donald Trump's election win.
The dollar on the other hand is expected to benefit from some of the policies that will likely keep U.S. interest rates relatively higher for longer. TheVasu Menon, managing director of investment strategy at OCBC, said the decisive win by Trump and the Republican party removes the overhang of an unclear or a contested U.S. election outcome.
Data provider DDHQ projected on Monday that Trump's Republican Party had won a majority in the U.S. House of Representatives, signalling a majority for Republicans in both chambers of Congress. Trump's victory and the election of pro-crypto candidates to Congress have supercharged a bitcoin rally to record highs closer to 90,000, and targeting $100,000 next. It was last at $88,709.
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