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Eric Trump expressed confidence that the U.S. can become a cryptocurrency superpower through sensible regulation, emphasizing his family's support for digital assets and decentralized finance. He criticized the current banking system as outdated and called for clear regulatory guidelines to foster innovation and efficiency in the industry. Trump also highlighted Elon Musk's potential influence on future policy, aiming to streamline government and promote business growth.
Bitcoin is nearing record levels, with 60% of bettors on Kalshi predicting it could surpass $100,000 by year-end. Following the U.S. presidential election, which many view as bullish for cryptocurrencies, Bitcoin has surged over 28%, trading around $89,000. Analysts suggest strong positive sentiment may drive prices to six figures by the end of 2024.
S&P 500 futures remained stable after stocks closed at record highs, with the index climbing approximately 4.7% during the presidential election week. The Nasdaq Composite also set a fourth consecutive record, rising 5.76% over the past week, while small-cap stocks in the Russell 2000 gained 1.5%. Notable movements included Coinbase shares surging 19% and MicroStrategy up 25%, driven by Bitcoin's rise above $80,000.
European stocks are set for a lower open as global markets react to early U.S. election results favoring Donald Trump, with Dow futures rising over 480 points and Bitcoin hitting a record $75,000. Treasury yields also climbed, reflecting expectations of potential Republican policies that could impact inflation and tariffs. Analysts anticipate volatility in the markets, with differing strategies depending on the election outcome.
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