Crypto-Related Stocks, Dollar Deliver Stellar Performance Post US Elections

US Elections 2024, was infused with abrupt dynamics- be it political, economic, financial or social-and amidst the typical stock market environment, not just Donald Trump but crypto related stocks stood out in flying colors.

According to reports on market data, the US stock market, with the best post-election performance in history, saw the S&P 500 Index hovering around 5930 points, hitting the 48th historical high so far this year. The Nasdaq 100 Index rose by 2.7%, setting its first record since July. The Dow Jones Industrial Average climbed 3.6%.

In addition, cryptocurrency-related stocks performed well, with MicroStrategy up by 13.17% and closed at $257.81, Coinbase up by 31.11% and closed at $254.31. Elon Musk’s open alliance with President Donald Trump and social media platform, X’s record breaking usage which overtook the legacy media-  Tesla closed at $288.53 after being up by 14.75% and gaining 37.09. 

It is worth noting that the Trump Media & Technology Group (DJT) surged but retraced from its high, closing at $35.955with a gain of only 5.94%.

The election season also saw Bitcoin touching $75,000 in response to Donald Trump’s inching towards a historic win. Apart from this, the U.S. dollar also soared against the currencies of major trading partners — like the Japanese yen as well as the euro, the Mexican peso and the Chinese renminbi. The reason could be  attributed to Donald Trump’s proposal to substantially raise tariffs. The euro, on the other hand, witnessed its steepest daily fall against the dollar in more than eight years.

Also Read: Trump’s Stand on Tariffs Will Affect Both Rate Cuts & Crypto