Bitcoin continues to rise after Trump’s victory, reaching $80,000 for the first time

He bitcoinwhich has not stopped growing since the election of Donald Trump as President of the United States, due to the prospect regulatory flexibility When the Republican returned to the White House, he achieved new record over $80,000.

first digital currency by capitalization It crossed that threshold around 1200 GMT and peaked at $80,116 before falling slightly. It reached $75,000 on Thursday, surpassing the record from March last year.

After the results of the US presidential election, its price soared along with the dollar. In fact, during his election campaign, Trump promised to make America “world capital of bitcoin and cryptocurrencies“Unlike the current president, Joe Biden

in favor of strict regulation of a controversial sector that largely eludes institutional control.

memcoinshighly volatile parody digital currencies are also gaining traction as dogecoin promoted by billionaire Elon Muskan ardent supporter of the president-elect.

euphoric week

But cryptocurrency is not the only one that has experienced a boom since Trump’s victory became known. Wall Street ended a week of euphoria on Friday with strong gains, thanks in part to new interest rate cuts announced by the Federal Reserve, even as the incoming president’s economic policies could raise interest rates. inflation.

Late in the session, the Dow Jones Industrial Average and S&P 500 posted records near the key 44,000 and 6,000 levels, which they briefly surpassed in both cases, to finish their best week of the year with a combined gain of 4.6%. and 4.7% respectively.

The Nasdaq index of technology companies posted a combined gain of 5.7%, led by electric car company Tesla, owned by tycoon Elon Musk, a Trump ally, which is gaining 29% weekly and has already surpassed $1 billion in capitalization. .

Three indicators are at historical highs: the Dow Jones Industrial Average – 43,988 points; The S&P 500 is at 5,995 and the Nasdaq is at 19,286.

Tax reduction

The Dow Jones Industrial Average posted its biggest post-election gain in more than a century on Wednesday, with widespread gains driven by favorable market perceptions of some of Trump’s economic policies, especially his tax cut proposals.

Trump Media, the president-elect’s media company, soared several times this week amid speculation that he was looking to sell his shares, which he denied on Friday, but shares still rose 15%.

Investors believe the Republican government is more likely to deregulationwhat is favorable mergers And acquisitionsand party-controlled legislatures (the Senate and House of Representatives) appear to be able to avoid obstruction, although debt is a concern.

Sectors with the biggest gains this week include consumer staples (8.9%), technology (6.8%), industrials (5%) and financials (4.6%), according to market research firm Fidelity.

The Fed’s second rate cut also fueled optimism that met forecasts at a quarter-point range of 4.5% to 4.75%, although investors are not taking it for granted that the central bank will follow the same path in December.