Prices continue to ramp higher in Bitcoin and the bullish momentum has seems to have dragged the stock market up as well. The S&P 500 was able to breach 3,520 points, a gain of more than 2% while the Nasdaq has risen by more than 2%, hitting the 12,000 level. Meanwhile, the DJIA has also increased by 2%, to 28,390 points. A positive trend has covered the market with similar price rises. As for Bitcoin, the cryptocurrency just set its new record of 2020, surpassing the three-year high of $15,312 within 24 hours and showing the signs of a stable bull run.
Why it matters: Given the fact that both US presidential candidates are claiming to have won the election, the rise in US stocks may be premature. There is still a long road ahead before there is a new US president, and the process is likely to be decided in the courts. Whether the rise in stocks represents positive economic sentiment, or just a whole lot of EZ money from the central bank flowing into an overheated asset class is impossible to know. Bitcoin and gold have a far better outlook than equities, although most assets are likely to rise in price in the near-term.