Trump's victory pushed Bitcoin to a new high and boosted crypto-related stocks, with Coinbase's stock price rising by more than 31%

Odaily News U.S. stocks closed sharply higher on Wednesday after Trump defeated Harris in the 2024 presidential election. The Dow Jones Industrial Average closed up 3.5% at 43,729.93 on Wednesday, and the S&P 500 rose 2.5% to 5,929.04. The tech-heavy Nasdaq closed at 18,983.46, up 2.9%. The GMCI 30 index, which represents the top 30 cryptocurrencies by market value, rose 9.7% to 132.86. So far this year, the index has risen 33.6%. At the same time, cryptocurrency-related stocks performed strongly. Coinbase led the gains, up more than 31%, according to Yahoo Finance data. Just a week ago, the company's stock price fell 15% after the release of its third-quarter earnings report. Paul Grewal, chief legal officer of Coinbase, said: "I hope the SEC understands what happened tonight. On many issues, voters have said loudly and clearly that they want change. Cryptocurrency is no exception. Stop suing cryptocurrencies. Start talking about cryptocurrencies. Start making rules now. There is no reason to wait." In addition, the stock price of crypto mining company Cipher Mining closed up more than 30%, and the stock prices of Iris Energy, Cleanspark, Terawulf, Riot Platforms and MARA soared more than 20% on the day; MicroStrategy's stock price rose 13%. (The Block)