Bitcoin soars past silver, Dogecoin gets a Musk boost, stocks get a Trump boost: Markets news roundup

Dogecoin was skyrocketing Wednesday after the news that the cryptocurrency’s biggest cheerleader, Elon Musk, will head up a “Department of Government Efficiency” — effectively a non-government group that will consult on spending.

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On the heels of a rally sparked by Donald Trump’s presidential election win, Bitcoin’s price is finally moderating — but not before beating out silver to become the eighth largest asset in the world.

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It’s the question everyone is asking: What happens now? Donald Trump is on his way to the White House, and by January, he’ll have a team in place to begin implementing the economic policy he’s been touting for months: tariffs on all imports, lower corporate tax rates, extending his 2017 tax cuts, reducing regulation of cryptocurrencies and banks, ending taxes on tips and Social Security, and possibly eliminating income and payroll taxes.

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Bitcoin has reached over $93,000 and shows no signs of slowing.

According to the crypto tracking website CoinGecko, the leading cryptocurrency’s new all-time is $93,477, which is over 5% up from the past 24 hours and 23% from the last week. Some analysts say Bitcoin could even cross the $100,000 threshold.

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A major Bitcoin investment fund just announced a ten-figure buy of the cryptocurrency. MicroStrategy Inc. said Monday that it spent the the first weeks of November stockpiling the digital asset, and its shares are up 17% in Monday trading.

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Chip stocks dragged down the Nasdaq on Monday despite gains in the Dow Jones Industrial Average and S&P 500.

Shares of Intel (INTC) were down by around 4.1% during midday trading, while Arm’s (SFTBY) shares were down over 5%. Broadcom’s (AVGO) stock was down by almost 3%, Qualcomm (QCOM) was down by around 2.2%, and Micron (MU) was down by around 3.5%.

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Shares of Super Micro Computer (SMCI) hit a new 52-week low on Thursday morning as the AI-focused hardware company struggles with filing its quarterly report (Form 10-Q) for the period ending September 30. The San Jose-based company notified the U.S. Securities and Exchange Commission of the delay in a recent filing, saying it needs more time to select and engage a new accounting firm to review financial statements for fiscal 2024.

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As Tesla stock continues its rally on the heels of Donald Trump’s election win, short-sellers are feeling the pain.

Hedge funds betting against Tesla (TSLA) stock, also known as shorting, lost at least $5.2 billion, Bloomberg calculated using data compiled by S3 Partners. That comes as the electric vehicle maker, helmed by billionaire and staunch Trump ally Elon Musk, sees a renewed surge that helped its market capitalization once again pass $1 trillion last week.

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