Bitcoin Hits New High of $76,422 as Trump Wins Election

In Brief:

Bitcoin reached a new all-time high of $76,422 following Trump's re-election, with Ethereum also surging to $2,816.

The US stock market closed with significant gains across major indices, reflecting optimism in the wake of the election results.

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Bitcoin Hits New High of $76,422 as Trump Wins Election

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Bitcoin has reached a new all-time high of $76,422, driven by the stimulus of Donald Trump's re-election as US president. After a brief fluctuation, Bitcoin climbed to this peak around 5 a.m. on November 7, before slightly retreating to the $75,000 level. The 24-hour increase has narrowed to 5.63%.

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Ethereum Surges Alongside Bitcoin

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Ethereum has shown an even stronger rally than Bitcoin, reaching a high of $2,816 with a 24-hour increase of 13.78%. The cryptocurrency market experienced $587 million in liquidations over the past 24 hours, with short positions accounting for $397 million and over 137,000 traders liquidated. Despite these movements, BlockTempo advises caution as Bitcoin's open interest on exchanges has hit a new high of $45.4 billion, suggesting potential for increased volatility.

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US Stock Market Reacts to Election Outcome

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The US stock market responded positively to the election results, with all four major indices closing higher. The Dow Jones Industrial Average rose by 1,508.05 points, or 3.57%, reaching 43,729.93 points. The S&P 500 index increased by 146.28 points, or 2.53%, to 5,929.04 points. The Nasdaq index climbed 544.29 points, or 2.95%, to 18,983.46 points, and the Philadelphia Semiconductor Index rose by 157.74 points, or 3.12%, to 5,215.57 points.

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