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

Analysis

November 7, 2024 2:40 PM

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.

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

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%.

Ethereum Surges Alongside Bitcoin

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.

US Stock Market Reacts to Election Outcome

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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