U.S. Crypto Stocks Surge Following Donald Trump’s Supportive Bitcoin Address
Shares of New York-listed cryptocurrency firms rose before the market open on Monday following positive comments from Republican presidential candidate Donald Trump regarding Bitcoin and promises of more favorable regulation for the industry.
Among the companies seeing gains were crypto exchange Coinbase, whose shares increased by 3.7%, as well as miners Bitfarms, Riot Platforms, and CleanSpark, with gains ranging from 3.4% to 4.5%.
“The crypto market views a potential Trump win as a positive development for the industry, especially considering the Biden administration’s strict regulatory measures on crypto and Trump’s pro-Bitcoin stance,” noted analysts at Bernstein in a report.
Crypto executives have frequently expressed concerns about excessive regulation and an unfriendly regulatory climate under President Joe Biden’s administration.
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However, Securities and Exchange Commission Chair Gary Gensler, the administration’s top authority on crypto enforcement, has defended his stance on the industry, citing the volatile and speculative nature of assets like Bitcoin.
Despite this, crypto has gained mainstream acceptance, supported by institutional investors and the approval of exchange-traded funds linked to Bitcoin and Ether prices.
A victory for Trump could provide further momentum for the industry. In a recent statement, he indicated that his administration would establish a national “stockpile” of Bitcoin using assets currently held by the U.S. government, primarily seized in law enforcement actions.
The Republican candidate has also expressed interest in having all remaining Bitcoin mined within the United States.
“A favorable environment for Bitcoin mining is emerging,” according to Bernstein.
Bitcoin prices also surged by as much as 2.4% to their highest level since mid-June.
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