Republican presidential candidate Donald Trump won the election, confirming his return to the White House, and the three major US stock indices hit new highs, with Bitcoin surging to $76,400 last night, and Coinbase and MicroStrategy also seeing big gains to celebrate.
Table of Contents
ToggleThe three major US stock indices hit new highs, with Tesla up 14%
Trump's victory, coupled with the high probability of gaining full control of both the Senate and the House, led to the three major US stock indices hitting new highs. The Dow Jones surged 1,508 points, reaching a new all-time high for the first time in three years, the S&P 500 jumped 2.53%, and the tech-heavy Nasdaq also rose 2.95%, setting a new record.
Elon Musk, the American business tycoon who openly supported Trump, saw his company Tesla surge over 14% to this year's high, and Trump praised him as an important "contributor" to the victory on election night.
Tech giants' CEOs congratulated President-elect Trump and Vice President-elect JD Vance. Meta CEO Mark Zuckerberg called Trump's victory a "decisive win" on Threads and said he looks forward to working with the Trump administration. Trump had previously threatened to send Zuckerberg to jail, and Meta closed slightly lower yesterday.
(Trump's new book reveals future plans, openly threatening Meta founder Zuckerberg)
Trump had previously stated during the campaign that Taiwan had stolen America's chip business, claiming that Taiwan should pay protection fees, and Taiwan Semiconductor ADR (TSM) slipped 1.30% yesterday.
Bitcoin hits a new high, with Coinbase and MicroStrategy surging
Bitcoin surged as Trump's victory became expected, finally breaking through the year's high of $73,777 in March, and reached a high of $76,400 last night as US stocks continued to hit new highs.
The top 10 cryptocurrencies all rose, especially Dogecoin, which is closely related to Musk, and surged 27% yesterday under the name of the Government Efficiency Committee (DOGE).
(Bitcoin hits a new high, with DOGE surging 27% under the name of the Government Efficiency Committee)
Cryptocurrency exchange Coinbase (COIN) surged 30% yesterday, and Bitcoin's staunch believer MicroStrategy (MSTR) also rose 13%.
