Crypto Stocks Soar After Donald Trump Wins Election

U.S. crypto stocks ended the trading day with significant gains, many in double digits, following Donald Trump's sweeping presidential election victory and Bitcoin reaching a new all-time high.

Crypto exchange Coinbase Global, one of the top donors in the election cycle, experienced the largest surge on Nov. 6, closing up 31.1% at $254.31, bringing its year-to-date increase to 62.1%, as reported by Google Finance.

Trading platform Robinhood Markets also saw a jump of 19.6%, while Bitcoin miner MARA Holdings — previously known as Marathon Digital — similarly posted strong gains. BTC-acquiring company MicroStrategy ended the day up over 13%.

Other American Bitcoin mining companies also saw positive results, with Riot Platforms climbing 26%, CleanSpark rising 23%, and Hut 8 increasing 11%.

Investors appear optimistic about the possibility of Republicans taking control of Congress and the White House, which could pave the way for the passage of two GOP-backed crypto bills.

President-elect Trump, who ran a campaign strongly supportive of cryptocurrency, even vowed to establish a strategic Bitcoin reserve.

He seemed poised to secure 312 electoral college votes, comfortably surpassing the 270 needed to win, as the Associated Press reported he was leading in key swing states Nevada and Arizona, which had not yet been called.

The Republican Party secured a majority in the Senate and was leading in House races, although the final outcome could shift with 40 seats still uncalled.

Once seated in January, the Republican-majority Senate might pass the Financial Innovation and Technology for the 21st Century Act (FIT21), unless it advances during the current lame-duck session.

The bill, which proposes giving more regulatory authority over crypto to the Commodity Futures Trading Commission, has been stalled in the Senate banking committee after clearing the House in May.

Additionally, the GOP’s stablecoin regulatory framework bill could be reconsidered with a Republican House majority, as it stalled after passing the Financial Services Committee last July.

Bitcoin's rising price has likely also contributed to the surge in crypto stock values.

TradingView data shows Bitcoin continued setting new highs throughout the New York trading session, ultimately reaching a record $76,509.56 on Coinbase just one minute before the New York Stock Exchange closed at 4 pm (9 pm UTC).

Sources:

https://cointelegraph.com/news/crypto-stocks-gain-donald-trump-election-win

https://www.google.com/finance/quote/COIN:NASDAQ

https://apnews.com/projects/election-results-2024/

https://apnews.com/live/senate-house-election-updates-11-5-2024

https://www.tradingview.com/chart/9TERcreT/?symbol=COINBASE%3ABTCUSD