U.S. Republican presidential candidate Donald Trump wins the election, securing a return to the White House. The three major U.S. stock indices reached historic highs, and Bitcoin surged to $76,400 last night, with Coinbase and MicroStrategy both rallying in celebration.
All Three Major U.S. Stock Indices Reach New Highs, Tesla Soars by 14%
Trump’s victory, along with a high probability of controlling both the Senate and the House for full governance, led all three major U.S. stock indices to reach new highs. The Dow surged 1,508 points, hitting a historic high for the first time in three years. The S&P 500 rose by 2.53%, and the technology-heavy Nasdaq also increased by 2.95%, both setting new records.
Elon Musk, the American business tycoon who publicly supported Trump, saw his company Tesla soar over 14% to a high for this year. Trump praised him as an important “contributor” to his victory on election night.
Tech giant CEOs congratulated President-elect Trump and Vice President-elect JD Vance. Meta CEO Mark Zuckerberg referred to Trump’s election as a “decisive victory” on Threads and expressed anticipation for cooperation with the Trump administration. Trump had previously threatened to imprison him during the campaign; Meta saw a slight decline yesterday.
(Trump’s new book reveals future plans, publicly threatens Meta founder Zuckerberg)
During the campaign, Trump claimed Taiwan was taking away U.S. chip business, stating that Taiwan should pay protection fees. TSMC ADR (TSM) fell by 1.30% yesterday.
(Trump calls China a “war machine,” claims Taiwan takes 95% of chip business: asks Taiwan to pay U.S. protection fees)
Bitcoin Reaches New High, Coinbase and MicroStrategy Surge
Bitcoin surged from the beginning of the vote counting, driven by expectations of Trump’s victory, finally breaking the March high of $73,777, and reached a peak of $76,400 last night as U.S. stocks continued to hit new highs.
The top ten cryptocurrencies by market value all rose, especially Dogecoin, which is closely associated with Musk and performed the best yesterday under the name of the Government Efficiency Committee (DOGE).
(Bitcoin hits an all-time high, DOGE rises 27% under the Government Efficiency Committee name)
Cryptocurrency exchange Coinbase (COIN) soared by 30% yesterday, and Bitcoin loyalist MicroStrategy (MSTR) also rose by 13%.