Analysis
November 7, 2024 2:40 PM
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.
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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