Bitcoin reaches record high near $85,000 as crypto, Trump trades dominate stock market
Published On Nov 11, 2024, 11:14 AM
Bitcoin has reached a record high of nearly $85,000, boosting stocks associated with cryptocurrencies and benefiting from a post-election rally expected under President-elect Trump. Coinbase's stock surged over 17%, and Robinhood's increased by more than 8%, as both companies are heavily involved in crypto trading. Other names like MicroStrategy and Tesla also saw significant stock price increases due to their Bitcoin holdings and connections to Trump. The bullish sentiment is tied to Trump's expected pro-crypto policies, which may include an advisory council for cryptocurrencies and changes to the SEC leadership.
Stock Forecasts
COIN
Positive
Given the strong momentum behind Bitcoin and the overall bullish sentiment in the crypto market, alongside political factors that may favor the cryptocurrency landscape, stocks connected to this trend are likely to continue performing well.
HOOD
Positive
As cryptocurrencies gain popularity and regulatory support, Robinhood, which enables trading in such assets, is positioned to benefit from increased user activity, suggesting upward movement in its stock price.
MSTR
Positive
MicroStrategy's increasing Bitcoin holdings suggest a bullish outlook for their stock, driven by strong performance from Bitcoin itself and investor confidence in the company’s strategy.
IBIT
Positive
iShares Bitcoin Trust being the largest bitcoin ETF makes it a pivotal player in this market surge, with its close relationship to Bitcoin's performance indicating further growth potential.
TSLA
Positive
Tesla’s stock price can be influenced by CEO Elon Musk’s relationship with Trump and their past investments in Bitcoin, indicating a potential upward trajectory as well.
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