Crypto stocks have soared on Donald Trump’s U.S. presidential election victory, rallying amid optimism that the pro-crypto former president will shape a more favorable regulatory landscape. Trump’s win not only had Wall Street excited but sparked a powerful surge in crypto-linked stocks as investors anticipate Republican-led reforms to benefit the sector.
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Coinbase Leads Gains in Crypto Rally
Coinbase Global (COIN), a significant contributor in this election cycle, led the charge, closing up a remarkable 31.1% at $254.31. According to Google Finance, that boost puts the exchange’s year-to-date increase at an impressive 62.1%. Robinhood Markets (HOOD) also saw a big day, jumping 19.6%, with other Bitcoin-linked companies like MARA Holdings (MARA), MicroStrategy (MSTR), and U.S. miners Riot Platforms (RIOT) and CleanSpark (CLSK) not far behind. “Optimism is high that a Republican Congress will ease crypto regulations,” according to sources close to the industry.
Trump Promises a Bitcoin Stockpile
Trump’s campaign echoed a clear pro-crypto stance, even pledging a U.S. Bitcoin reserve. With the Associated Press confirming his lead in key swing states, optimism grew, signaling what AP calls a “strong Republican majority” across Congress. The Republican-dominated Senate is now likely to push forward the Financial Innovation and Technology for the 21st Century Act (FIT21) — a bill granting more regulatory power to the Commodity Futures Trading Commission — which stalled in a previous session.
Bitcoin’s Record Price Fuels Market Frenzy
Adding fuel, Bitcoin hit a record-breaking $76,509 on Coinbase just before the New York Stock Exchange closed. At the time of writing, Bitcoin is sitting at $74,883.84.
