Trumps Victory Boost Bitcoin and Major US Stock Indices Reach Record Highs
Republican presidential candidate Donald Trump has won the election, confirming his return to the White House. The three major U.S. stock indexes hit record highs, and Bitcoin surged to $76,400 last night, with Coinbase and MicroStrategy both seeing significant increases in celebration.
The three major U.S. stock indexes all reached new highs, Tesla soared by 14%
With Trump’s victory and a high probability of controlling both the Senate and the House for complete governance, the three major U.S. stock indexes hit new highs. The Dow Jones surged by 1,508 points, reaching a historic high for the first time in three years. The S&P 500 rose by 2.53%, and the tech-heavy Nasdaq also increased by 2.95%, all setting new records simultaneously.
Elon Musk, an American business tycoon who publicly supported Trump, saw his company Tesla surge over 14% to this year’s peak. Trump praised him as an important “contributor” to his victory on election night.
Technology giant CEOs congratulated President-elect Trump and Vice President-elect JD Vance. Meta CEO Mark Zuckerberg described Trump’s election as a “decisive victory” on Threads and expressed anticipation for cooperation with the Trump administration. Trump had previously threatened to jail him during the campaign, and Meta’s stock saw a slight decline yesterday.
(Trump’s new book reveals future plans, openly threatening Meta founder Zuckerberg)
During the campaign, Trump stated that Taiwan was taking away America’s chip business and claimed Taiwan should pay protection fees. TSMC ADR (TSM) declined by 1.30% yesterday.
(Trump calls China a “war machine,” claims Taiwan has taken 95% of the chip business: demands protection fees from America)
Bitcoin hits a new high, Coinbase and MicroStrategy rise together
Bitcoin surged during the early vote counting with the expectation of Trump’s victory, finally breaking the March high of $73,777 and reaching as high as $76,400 last night as U.S. stocks continued to set new highs.
The top ten cryptocurrencies by market cap all rose, especially Dogecoin, which is closely associated with Musk. It performed the best yesterday under the name of the Government Efficiency Committee (DOGE).
(Bitcoin hits a historic high, DOGE surges 27% under the Government Efficiency Committee name)
Cryptocurrency exchange Coinbase (COIN) surged by 30% yesterday, while Bitcoin loyalist MicroStrategy (MSTR) also rose by 13%.
