Summary
Wall Street erupted as Donald Trump scored an unprecedented victory, securing a second term in the White House. The Dow Jones hit a historic high, while the dollar soared, logging its biggest single-day gain in eight years. But the real stunner? Bitcoin skyrocketed to a jaw-dropping $75,999, thanks to Trump’s promise to make the US the “bitcoin superpower of the world!”
The mood on Wall Street was electric, with traders celebrating as major stock indexes surged. Banks, in particular, rallied, with investors banking on Trump’s promises of tax cuts and a ramp-up in tariffs. They’re betting that his pro-business stance will boost the economy, even if it means higher inflation and fewer interest rate cuts from the Federal Reserve. Higher interest rates may not please everyone, but for investors, they spell juicier returns on dollar-denominated assets.
Bitcoin Booms as Trump Embraces Crypto!
Trump‘s embrace of Bitcoin and his promise to turn the US into the top crypto nation marks a sharp departure from the Biden administration’s crackdown on the industry. Trump’s also made waves by hinting at firing SEC chair Gary Gensler, who’s been tough on crypto firms. And with billionaire Elon Musk now set to lead an audit on government waste, crypto fans are more bullish than ever!
Tesla, the electric vehicle giant Musk leads, saw its shares rocket up by 14%—an incredible two-year high. Musk, a vocal supporter of cryptocurrencies, has thrown his weight behind Trump, adding a powerful ally to Trump’s crypto ambitions. His influence could bring Bitcoin even more into the mainstream.
Global Markets Shake as US Dollar Flexes Muscle
The Trump effect wasn’t limited to US stocks and crypto. The dollar shot up by nearly 1.7% against the euro, yen, and pound, leaving other currencies in the dust. The pound, for example, took a nosedive to levels not seen since August, while the euro also saw a steep drop, sliding nearly 2% against the dollar.
Europe’s major indexes, like the German DAX and France’s CAC 40, slipped after Trump’s win. Even in Asia, markets felt the heat—Japan’s Nikkei rose 2.6%, but China’s Shanghai Composite and Hong Kong’s Hang Seng both stumbled.
What’s Next? Trump’s Big Plans for Tariffs and Trade
Trump’s re-election also signals potential shockwaves for global trade. Trump has long threatened to slap tariffs on imports, particularly from China. European leaders are wary, and UK Chancellor Rachel Reeves already issued a statement, urging Trump to keep trade with the UK open. Economists, too, are warning of ripple effects: Ahmet Kaya from the National Institute of Economic and Social Research says the UK could take a hit, with growth potentially slowing to just 0.4% by 2025 if Trump’s tariffs impact international trade.
All Eyes on the Fed
The Federal Reserve’s next move on interest rates will be closely watched, especially with Trump’s inflation-heavy economic plans. Any sign of higher rates could shift the markets again, as investors weigh in on the Trump effect. Jerome Powell, the Fed’s chair, is set to speak on Thursday, and his comments could make or break the market’s Trump-fueled rally.
Meme Coins: The Wild, Risky $100 Billion Market Where Absurdity Meets Profit
Meme Coins: The Wild, Risky $100 Billion Market Where Absurdity Meets Profit
Crypto’s High-Stakes Election Bet Pays Off – But at What Cost?
Crypto’s High-Stakes Election Bet Pays Off – But at What Cost?
Trump’s Win Sends Financial Markets Soaring, But Will the Rally Last?
Trump’s Win Sends Financial Markets Soaring, But Will the Rally Last?
Bitcoin Rockets to New All-Time High as Crypto Industry Celebrates Trump’s Win
Bitcoin Rockets to New All-Time High as Crypto Industry Celebrates Trump’s Win
US Election Results: Will Crypto Soar or Sink? Here’s What’s at Stake!
US Election Results: Will Crypto Soar or Sink? Here’s What’s at Stake!
Trump’s World Liberty Financial Token Fizzles: 5 Reasons for the Lackluster Launch
Trump’s World Liberty Financial Token Fizzles: 5 Reasons for the Lackluster Launch
Rebar Labs to Launch Bitcoin-Native MEV Protection Platform by End of 2024
In a groundbreaking move for Bitcoin’s evolving decentralized finance (DeFi) landscape, Rebar Labs is set to launch the first Bitcoin-native platform designed to shield traders from maximum extractable value (MEV) strategies, such as front-running, by the end of 2024. CEO Alex Luce shared the ambitious plans in an exclusive interview with Cointelegraph.
FinTech Global Roundup: $736M Raised Across 13 Key Deals
This week in the world of FinTech, a staggering $736 million was raised across all funding rounds, but the big story lies in the depth of just 13 key deals. Topping the list is tech-enabled lender Kiavi, securing a colossal $400 million in a landmark securitization.
Amazon and Google’s Nuclear Duel: Tech Titans Invest in Clean Energy to Power AI and Data Centers
In the race to meet surging energy demands and slash carbon emissions, Amazon and Google are turning to a bold new frontier: nuclear power. Just two days after Google’s announcement, Amazon revealed on Wednesday that it, too, is making significant investments in small modular nuclear reactors to power its data centers and artificial intelligence operations.
Beware of Listing Scams: Insights from Manny Sinder, CEO of Football Goal Coin
The cryptocurrency space has grown exponentially in recent years, and with that growth comes a wide variety of platforms promising to help tokens get listed on major exchanges. However, according to Manny Sinder, CEO of Football Goal Coin, the reality is often far more troubling. In his experience, many of these listing websites and exchanges engage in deceptive practices such as pump and dump schemes, or they charge exorbitant fees without providing real value.
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