Cash News
Trades that had frequently moved with Donald Trump’s betting odds over the past month ripped higher as Trump clinched a victory over Kamala Harris in the presidential election.
Trump Media & Technology Group stock (DJT) soared over 30% early Wednesday before paring those gains. The stock, in which Trump owns several billion dollars worth of shares, had surged throughout Tuesday night as a Trump win looked increasingly likely.
Other trades that had appeared to move in line with Trump’s odds of winning also shot higher. Bitcoin (BTC-USD) surged to a fresh record high overnight as Trump emerged as the next president-elect. Investors had viewed Trump as the more pro-crypto candidate leading into the election.
The world’s largest cryptocurrency surged above $74,000 per coin for the first time ever late Tuesday night. Meltem Demirors, a general partner at Crucible Capital, told Yahoo Finance that the asset largely tracked Trump’s betting odds 1-for-1 during the election cycle, a sign that investors had been dealing with a lot of “indecision” in the crypto market.
In July, Trump attended a bitcoin conference in Nashville to court voters.
His promises to the industry included appointing a crypto Presidential Advisory Council, firing SEC Chair Gary Gensler, and creating a “strategic national bitcoin stockpile.”
The surge in prices for bitcoin and ethereum (ETH-USD), which was up more than 7% on Wednesday, came alongside a rise in crypto-related stocks.
MicroStrategy (MSTR), which holds a significant amount of bitcoin on its balance sheet, rose more than 11% in premarket trade. Crypto exchange Coinbase (COIN) also rose more than 12%, while Robinhood (HOOD), which offers cryptocurrency trading on its platform, popped almost 10%.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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