Bitcoin Breaks $76,000, Reaches New ATH, Altcoins and Wall Street Surge
● Bitcoin continues to reach new historical highs, hitting $76,400 after Trump's decisive victory in the presidential election.
● On Wednesday night, the stock index futures market remained essentially flat following Trump’s victory in the presidential election. Traders are now waiting for the Federal Reserve's interest rate decision early tomorrow morning.
● Futures linked to the Dow Jones Industrial Average fell by 12 points, a decrease of less than 0.1%. S&P 500 and Nasdaq 100 futures remained flat.
● Trump's victory in the White House election propelled stocks to soar, with the Dow skyrocketing over 1,500 points. The Dow, S&P 500, and Nasdaq Composite all reached new highs, while the Russell 2000 index, which is dominated by small-cap stocks, rose by over 5%.
● Bitcoin, the dollar, and bank stocks are all part of the post-election rally. However, some international funds and solar stocks faced difficulties due to investor expectations that Trump's policies would harm these companies.
● On Thursday, market participants will closely watch the Federal Reserve's interest rate decision and Chairman Powell’s subsequent press conference. According to CME Group's FedWatch tool, the futures market is currently pricing in a 100% probability that the Federal Reserve will cut rates again at this meeting.
● This will be the second consecutive rate cut since 2020. Prior to that, traders will focus on economic data such as unemployment claims and wholesale inventory figures.
● Moderna and Warner Bros. Discovery's quarterly earnings will be released before the market opens on Thursday. Earnings from Block, Pinterest, and Rivian will be announced after the market closes.
● Bitcoin surged nearly 9% within 24 hours of Trump’s victory, marking the largest single-day gain since early August.
● This asset also reached a new high above $76,000, but has since slightly retreated to around $75,000.
● The altcoin market also saw significant gains yesterday.
