Shares in Donald Trump’s media company rose as the first results of voting in the US presidential election were released overnight.
Trump Media & Technology Group rose as much as 10% as official trading concluded after hours on Tuesday night, election day. Shares extended those gains in late trading on the Robinhood brokerage service, as reported by CNBC.
The stock continued its uptrend overnight as Trump gained a lead in the Electoral College, including securing the state of North Carolina.
The stock was volatile during the campaign season as Trump appeared to be in a chest-to-chest battle with Kamala Harris.
Cryptos on the rise
Bitcoin is moving at prices not seen even in its last rally last March, at one point surpassing $75,000. The rise that the most popular cryptocurrency has recorded in a single day is more than 10% as the Republican candidate is in the White House lobby, leading in all of the contested states, according to U.S. election results.
As is well known to those following developments in the cryptocurrency market, Trump is an avowed supporter of digital assets.
The cryptocurrency rose more than 8 percent, climbing above $75,000 at 10:08 p.m. in New York. That surpassed the record set in March during the euphoria that followed the launch of U.S. spot-Bitcoin exchange-traded funds.
As Fredrick Collins, CEO and founder of crypto data platform VeloData, said, “Bitcoin is in my opinion one of the top instruments for trading the election tonight. It’s relatively liquid and very much tied to the outcome. Therefore, it’s pretty safe to assume that any increases in price are linked to increases in Trump’s victory prospects.”
But cryptos also rallied, with Ethereum, the second-largest cryptocurrency, jumping 6.5%. The Dogecoin, the so-called memecoin, also known as Doge, which has been promoted by Trump supporter Elon Musk, notched a rise of more than 20%.
