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Stocks of cryptocurrency firms listed in New York surged Monday following statements from Republican presidential candidate Donald Trump, who supported Bitcoin (CRYPTO: BTC/USD) and promised more favorable regulations for the industry.
Trump’s remarks led to a notable rise in the shares of several crypto-related companies, Reuters reports.
Coinbase Global, Inc (NASDAQ:COIN) and Marathon Digital Holdings, Inc (NASDAQ:MARA) shares climbed over 4%, while miners Bitfarms Ltd (NASDAQ:BITF), Riot Platforms Inc (NASDAQ:RIOT), and CleanSpark Inc (NASDAQ:CLSK) saw increases ranging from 4% – 5%.
During his campaign, Trump promised to create a national “stockpile” of bitcoin using the U.S. government’s current crypto assets.
He also intended to ensure that all remaining bitcoin is mined in the US.
Trump also pledged to fire the Securities and Exchange Commission (SEC) Chair Gary Gensler, who had defended the strict regulatory measures, pointing to the volatility and speculative nature of cryptocurrencies like bitcoin.
Bernstein analysts noted that the crypto market views a potential Trump presidency as positive for the industry, given the Biden administration’s regulatory crackdown and Trump’s supportive statements.
The broader acceptance of crypto, bolstered by institutional investors and the approval of exchange-traded funds tied to bitcoin and ether prices, has already moved the industry closer to mainstream finance. A Trump win could further accelerate this trend, Reuters writes.
Additionally, bitcoin’s price jumped as much as 2.4%, reaching its highest level since mid-June.
Investors can gain exposure to bitcoin through iShares Bitcoin Trust (NASDAQ:IBIT) and ProShares Bitcoin Strategy ETF (NYSE:BITO).
Price Action: COIN shares are trading higher by 3.82% to $252.22 premarket at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
