The GraniteShares 2x Long COIN Daily ETF (CONL), which provides leveraged exposure to Coinbase Global stock, skyrocketed by an astonishing 44.88% on November 11th, 2024. This massive surge came as part of a broader market rally fueled by Donald Trump's victory in the 2024 presidential election and the Federal Reserve's latest interest rate cut.
The stock market witnessed its best week of 2024, with the S&P 500 and Dow Jones Industrial Average both climbing around 4.7%. The tech-heavy Nasdaq Composite Index topped 19,000 for the first time post-election, while the small-cap Russell 2000 Index soared more than 8%.
Investors are betting that Trump's market-friendly policies, including corporate tax cuts, deregulation, and efforts to bring manufacturing back to the U.S., will provide a significant boost to the economy and drive stocks higher. The cryptocurrency market also rallied strongly, with Bitcoin topping $80,000 for the first time, as Trump embraced digital assets during his campaign and vowed to make the U.S. the "crypto capital of the planet."
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