As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market shifts and trends. However, the recent surge in crypto and Bitcoin-related stocks following Donald Trump’s re-election as president is truly unprecedented.
The prices of crypto-related stocks are soaring following the U.S. election that saw Donald Trump as president and pro-crypto candidates chosen. This marks the beginning of what’s being called the “crypto voter” era. Shares for MicroStrategy (MSTR) and Coinbase (COIN) have jumped by 13% in early trading, while Tesla (TSLA) and Bitcoin mining stocks are also experiencing double-digit increases today.
Crypto and Bitcoin-Related Stocks Rally
On November 6, MicroStrategy’s stock price, which is the largest corporate Bitcoin buyer, surged by over 13%, reaching $261. Similarly, crypto stocks such as Coinbase (COIN) and Robinhood Markets (HOOD) also saw significant gains, with Coinbase rising nearly 13% and Robinhood increasing approximately 9% in the premarket hours. This upward trend can be attributed to the Republican’s clear victory in the US Congress, which has ignited optimism among investors regarding the future of these companies.
The shares of Elon Musk’s Tesla (TSLA) surged more than 15% to reach $286.50, while the stock price of Donald Trump’s Media & Technology Group (DJT) jumped almost 35% to $45.88, following the announcement of Trump’s re-election as president. It is speculated that Musk’s proposed Department of Government Efficiency (D.O.G.E) could play a significant role in Trump’s future administration.
Today, stocks related to Bitcoin mining experienced significant double-digit increases. The price of CleanSpark (CLSK) surged by 15%, reaching $12.14. Similarly, companies like Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT) saw their stock prices increase by more than 11% ($18.17 for MARA) and 14% ($11.06 for RIOT), respectively. It appears that all Bitcoin mining operations are currently experiencing double-digit growth in their share prices.
Donald Trump’s Win Secures Rally in Bitcoin ETFs and Stocks
On Wednesday, the surge in cryptocurrency stocks was mirrored by significant increases in Bitcoin ETFs like BlackRock’s iShares Bitcoin ETF (IBIT). The price of IBIT climbed more than 7% to reach $42.45, suggesting a strong demand from investors.
After the U.S. presidential election, Michael Saylor anticipates that increased regulatory certainty will boost Bitcoin (BTC) and other cryptocurrency asset prices. This expectation is further bolstered by the prospect of lower interest rates.
Significantly, futures linked to the S&P 500, Nasdaq 100, and Dow Jones reached unprecedented peaks following Donald Trump’s return as U.S. president, marking a strong rally. Moreover, the 10-year U.S. Treasury yield climbed to 4.461%, and the U.S. dollar (DXY) experienced a 1.68% increase, reaching 105.16 – this was unexpected as it went against predictions.
During Trump’s win, Bitcoin’s price surged 8% to reach a record peak of $75,361. Currently, it’s being traded at $74,297. Over the past day, its lowest and highest prices were recorded as $68,650 and $75,361 respectively. Additionally, there’s been a significant increase in trading activity, with a 148% rise in volume over the last 24 hours, suggesting heightened interest among investors.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- APU PREDICTION. APU cryptocurrency
- USD GEL PREDICTION
- JST PREDICTION. JST cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- GLMR PREDICTION. GLMR cryptocurrency
- EUR CAD PREDICTION
- OKB PREDICTION. OKB cryptocurrency
2024-11-06 15:15