Bitcoin mining and cryptocurrency-related stocks experience a surge after the election

By Connor Hart

Bitcoin reached a new all-time high on Wednesday, driven by the pro-cryptocurrency stance of President-elect Donald Trump. The surge in Bitcoin-mining and crypto-related stocks was a direct response to this.

Various miners saw significant gains: Cipher Mining rose 25% to $6.66, CleanSpark increased by 18% to $12.41, Core Scientific jumped 9% to $14.21, Hut 8 went up 13% to $18.96, Iris Energy rose 20% to $10.76, MARA Holdings gained 14% to $18.47, Riot Platforms surged 19% to $11.60, and TeraWulf hit a new 52-week high of $7.58, rising by 22%.

Bitcoin, as the leading cryptocurrency, briefly exceeded $75,000 in early trading, surpassing its previous intraday high set in March, according to Dow Jones Market Data.

Formerly doubtful of Bitcoin, Trump has now embraced cryptocurrency, promising to establish the U.S. as the “crypto capital of the planet.” He has made commitments to the crypto industry, including the creation of a national bitcoin reserve and the removal of Gary Gensler, chairman of the Securities and Exchange Commission, who has been involved in regulating the sector.

The industry is hopeful that regulations will become more favorable under a new Trump Administration, and has been contributing to super political action committees that are supporting pro-crypto candidates for Congress.

Stocks related to cryptocurrencies also saw gains. Coinbase Global and MicroStrategy, cryptocurrency exchanges, rose by 22% to $236.62 and 11% to $252.09, respectively. BlackRock’s iShares Bitcoin Trust, an exchange-traded fund, reached an all-time high of $42.55, increasing by 7.7%.

Contact Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 06, 2024 12:29 ET (17:29 GMT)