TOKYO, Nov 6 Reuters The dollar was set for its biggest oneday rise since March 2020 against major peers on Wednesday and bitcoin jumped to an alltime high as socalled Trump trades took off, with traders increasingly betting on a U.S. election victory for the former president.

Republican Donald Trump led Democrat Kamala Harris by 247 electoral votes to 210, after Trump took the key battleground state of Georgia, based on projections from Edison Research. 270 electoral votes are needed to win the presidency.

Several other crucial states remain in the balance, including Pennsylvania, which has 19 electoral votes.

The U.S. currency39;s climb began after very early indications of a Republican win in Georgia and gathered pace throughout the day.

The dollar index which measures the currency against six major peers including the euro and yen advanced 1.63 to 105.04 as of 0615 GMT, and was earlier as high as 105.19, a fourmonth peak. That put it on course for its best day since March 2020.

Trump39;s tariff and immigration policies are seen as inflationary by analysts, buoying the dollar.

Bitcoin climbed as much as 8.63 to reach a record 75,120. Trump is seen as more actively supportive of cryptocurrencies than Harris.

Although there are still votes left to count, as Trump nears a victory, the USD index has picked up steam, said James Kniveton, a senior corporate forex dealer at Convera.

Traderelated currencies are likely to face the brunt of the Trump trade as markets…