Weekly Market Review: Bitcoin hits new all-time highs consecutively, Tesla's market value surpasses one trillion dollars.
On Friday, 11/8, the US stock market continued its upward trend, with Tesla's market value returning to over 1 trillion US dollars. The three major US stock indices all reached new record highs in both closing and intraday trading. Since the end of the US presidential election, Bitcoin has been hitting new highs daily, reaching as high as $77,199 last night, while Ethereum is attempting to challenge the $3,000 mark.
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US Stocks Hit New Highs, Tesla Soars Over 31% in a Week
The stock market digested the prospect of future interest rate cuts by the Federal Reserve, and the rally continued after Trump's victory. This week, the US stock market saw its best weekly performance so far this year, with the S&P 500 index surpassing the 6,000 mark at one point, rising by 4.66% for the week. The Nasdaq had a weekly gain of 5.74%, while the Dow rose by 4.61% for the week.
Tesla's TSLA stock price surged by 8.19% to $321.22 per share, pushing its market value above $1 trillion for the first time since 2022. The stock gained over 31% for the week, marking its best weekly performance since January 2023. American business magnate Elon Musk, who openly supported Trump, saw his net worth increase by over $30 billion in just 2 days, reaching a total net worth of $314 billion, securing his position as the world's richest person.
BTC Hits Daily Highs, ETH Challenges $3,000 Level
Bitcoin has been hitting new daily highs since the end of the US presidential election. Trump's crypto-friendly stance and the potential loosening of regulations have led to a collective surge in the cryptocurrency market. Bitcoin set another all-time high last night, reaching $77,199, with a weekly gain of nearly 10%.
While Ethereum still has a long way to go to reach its all-time high, there are signs of catching up in recent days. It broke through the neckline position established since early August and reached a high of $2,995 this morning. With future regulatory policies expected to favor the crypto industry and Ethereum's stronger fundamentals and real-world asset applications in RWA, will there be more catalysts to help it challenge its 2021 all-time high of $4,868?
Coinbase Surges 50% in a Week, MicroStrategy Up Nearly 20% for the Week
The cryptocurrency exchange Coinbase, with the stock symbol COIN, saw an astonishing 50% surge this week. MicroStrategy, a self-proclaimed Bitcoin development company with the stock symbol MSTR, also had a 19% gain this week.
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