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Trump’s Victory Boosts Crypto Stocks to New Heights
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Traders are thrilled that Trump, known for his pro-crypto stance, is back in the White House.
Adding to the excitement, the Republicans also secured a majority in the Senate, which could mean a green light for new crypto-friendly laws.
Trump’s Win Sparks Surge in Crypto Stocks
Stocks connected to cryptocurrency, like those of Coinbase, Robinhood, and Bitcoin miners, closed at some of their highest levels yet, with many seeing double-digit gains.
One of the biggest winners was Coinbase Global Inc. (COIN), which saw its stock rise by a whopping 31.11%, closing at $254.30. This marks an impressive 62.1% increase for Coinbase this year. Coinbase, a major player in the crypto world, also donated heavily to the election cycle, showing just how important the political landscape can be for crypto companies.
Source: Yahoo
Robinhood Markets Inc. (HOOD), a trading platform popular with everyday investors, also enjoyed a big gain, jumping 19.6%. Marathon Digital, now called MARA Holdings Inc. (MARA), a major Bitcoin mining company, rose by over 18.9% too. Other companies in the Bitcoin mining space, like Riot Platforms Inc. (RIOT) and CleanSpark Inc. (CLSK), saw boosts of 26% and 23%, respectively, with Hut 8 Corp (HUT) also adding an 11% gain by the end of the day.
Source: Yahoo
This surge in crypto stocks wasn’t just about Trump’s win. Traders are optimistic that the Republican-majority Congress will make it easier to pass two important crypto laws that could shape the future of digital currencies in the U.S. These bills are the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin regulatory framework. If these bills pass, it could provide clearer rules and boost confidence in the crypto space.
More About Trump’s Victory
Trump’s campaign didn’t shy away from mentioning his interest in Bitcoin. He even promised to create a “Bitcoin stockpile” for the country, which grabbed the attention of crypto enthusiasts across the U.S. Trump’s support, along with a big win of 312 electoral votes (well over the needed 270), has sparked major excitement in the crypto world.
If Bitcoin hits $80,000 today
I will send 1 whole #Bitcoin to someone who interact with this X post and follows me
pic.twitter.com/AZeEdOKh1L
— Crypto Bull (@CryptoBulltv) November 6, 2024
On top of Trump’s victory, Bitcoin’s price hit an all-time high. It rocketed to $76,006. just before the New York Stock Exchange closed, marking a historic moment. For many, this surge was “the icing on the cake” for an already exciting day. As Bitcoin climbed higher, it pulled related stocks up with it.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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November 7, 2024 at 05:57AM
November 7, 2024 at 06:01AM
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