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    Cryptocurrency market soars as Trump’s potential election victory fuels investor speculation

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    The CoinDesk 20 Index is up by 9.66%, with Bitcoin (BTC) rising 8.34% to $74,541.68 and Ether (ETH) increasing 8.06% to $2,635.55 amid speculation of Trump’s victory in the US election. There was a ​surge in the crypto market during the election results, with Memecoin DOGE and SOL leading the climb, and crypto equities rising over 10% in pre-market trading. Increases are also seen in MicroStrategy, Coinbase, and Bitcoin miners like Riot, Marathon, and IREN. With Trump’s promised tariffs and immigration control, the U.S. 10-year Treasury note’s yield has jumped as potential inflation looms.

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    This was originally published in CoinDesk’s daily newsletter, First Mover. It keeps up with the latest movements in the cryptocurrency markets. You can subscribe to have it sent directly to your inbox.

    Check out the latest cryptocurrency prices. The CoinDesk 20 Index stands at 2,190.41, up by 9.66%. Bitcoin (BTC) is at $74,541.68, this is a rise of 8.34%. Ether (ETH) too has seen a rise of 8.06% to $2,635.55. Meanwhile, S&P 500 stands at 5,782.76 having risen by 1.23%.

    In the recent US presidential elections, Bitcoin surpassed the $75,000 mark as Donald Trump seems to be making a return. With the speculation of Trump’s victory rising, BTC was trading over $74,000, which is around 1.3% lower than its new all-time high of $75,363.66. Over the last 24 hours, the digital asset market, as measured by the CoinDesk 20 Index, has risen over 9%.

    As the election results were being announced, there was a rally in the crypto market. DOGE and SOL led the charge. Memecoin DOGE saw a rise of over 25%, reaching nearly $0.22. Elon Musk’s support played a key role in this surge. Musk, a noted DOGE fan, proposed a Department of Government Efficiency, abbreviated as D.O.G.E. This was a clear reference to the token and is expected to make government spending and monetary planning more efficient. SOL too saw a rise of nearly 20% to reach a high of $188.30.

    Pre-market trading saw crypto equities climb by more than 10%. MicroStrategy saw a rise of 12%, approaching $255, which is just a few percentage points away from a record that would be almost 280% higher year-to-date. Meanwhile, Coinbase is also 12% higher, approaching $220 a share. Bitcoin miners Riot, Marathon, and IREN all gained more than 10%. Other notable mentions include Metaplanet which rose 24% and is now up over 1,100% year-to date.

    The yield on the U.S. 10-year Treasury note has jumped 20 basis points to 4.47%, surpassing the year-long downtrend line. This uptick is likely representing concerns that Trump’s promised tariffs and immigration control could lead to stickier inflation.

    This post was edited by Sheldon Reback.

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