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Trump Trade Soars: Bitcoin Hits ATH, Dollar Index Rallies, Trump Media & Technology Stock Swings Wildly

Blockchain 2024-11-06 13:46:40 2 Source:

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Trump Trade Soars: Bitcoin Hits ATH, Dollar Index Rallies, Trump Media & Technology Stock Swings WildlyOn November 6th, markets were swept by the fervor of the "Trump Trade," driving up the prices of associated assets across the board. The cryptocurrency market exhibited particularly strong performance, with Bitcoin surging past the $75,000 mark to reach a new all-time high, marking a gain of over 9%

Trump Trade Soars: Bitcoin Hits ATH, Dollar Index Rallies, Trump Media & Technology Stock Swings Wildly

On November 6th, markets were swept by the fervor of the "Trump Trade," driving up the prices of associated assets across the board. The cryptocurrency market exhibited particularly strong performance, with Bitcoin surging past the $75,000 mark to reach a new all-time high, marking a gain of over 9%. Other cryptocurrencies such as Ethereum and Dogecoin also rallied, registering increases of over 6% and 29%, respectively. However, this intense market volatility also presented significant risks, with CoinGlass data revealing over 98,000 liquidations in the virtual currency market over the past 24 hours, totaling $468 million.

Beyond the virtual currency market, the US Dollar Index also displayed robust momentum, rising over 1.7% at one point. Serving as the primary barometer for the "Trump Trade," the stock price of Trump Media & Technology Group, the parent company of social media platform TruthSocial, experienced significant turbulence during both the regular and after-hours trading sessions. The stock surged over 8% intraday on November 5th but plunged towards the end of the session, triggering multiple circuit breakers and eventually closing down 0.9%. In after-hours trading, the decline initially expanded to 8% but then saw a sharp reversal, climbing 30% before settling with an approximate 9% gain.

Tesla was also influenced by the "Trump Trade," experiencing a considerable upswing in after-hours trading, rising over 5% at its peak and ultimately closing with a 3.29% gain.

Currently, the US presidential election vote count is underway. According to preliminary estimates released by multiple US media outlets, Trump has secured the 16 electoral votes from North Carolina, a swing state. He is projected to have garnered 230 electoral votes thus far, while Harris has amassed 209. North Carolina is the first swing state to release its election results in this election and is the second-largest swing state in terms of electoral votes, trailing only Pennsylvania with 19 votes and matching Georgia. Seven swing states - Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin - are considered crucial in determining the winner of this election.

As of press time, Trump has won Kentucky, Indiana, West Virginia, Alabama, Mississippi, South Carolina, Oklahoma, Florida, Tennessee, Arkansas, Wyoming, Louisiana, South Dakota, North Dakota, Nebraska, Ohio, Texas, Missouri, Utah, Montana, Kansas, Iowa, Idaho, and North Carolina. Harris has claimed victory in Vermont, Massachusetts, Connecticut, Maryland, Rhode Island, Washington D.C., New Jersey, Delaware, Illinois, New York, Colorado, Washington, California, Oregon, New Mexico, Virginia, and Hawaii.

The US presidential election employs the Electoral College system, where each of the 50 states is allocated electoral votes in proportion to its population. The candidate who receives at least 270 out of the 538 total electoral votes emerges victorious.

Tag: Trump Trade Soars Bitcoin Hits ATH Dollar Index Rallies


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