As an analyst with over two decades of experience in the financial markets, I must say that the events of November 6th, 2024, were nothing short of remarkable. The convergence of a Trump presidency, a new all-time high for Bitcoin, and a surge in crypto stocks has created a perfect storm of opportunity for investors.
On a triumphant note, U.S. cryptocurrency stocks concluded their trading session with substantial increases, many surging over 10%, following the decisive victory of Donald Trump in the elections and an unprecedented new peak for Bitcoin.
On November 6th, Coinbase Global Inc (COIN), a significant contributor during the election cycle, experienced its largest increase, closing at a 31.11% gain or $254.30. This brings its total growth for the year up to 62.1%. These figures are based on data provided by Google Finance.
On the same day, Robinhood Markets Inc (HOOD) rose by 19.6%, similar increases were seen in Bitcoin (BTC) miner MARA Holdings Inc (MARA), formerly known as Marathon Digital, and MicroStrategy Inc (MSTR), a company that invests in BTC. Notably, MSTR ended the day with an over 13% increase in its closing price.
U.S. Bitcoin mining companies such as Riot Blockchain Inc (RIOT), CleanSpark Inc (CLSK), and Hut 8 Mining Corp (HUT) are all experiencing increases, with RIOT closing at a 26% rise, CLSK up by 23%, and HUT seeing an 11% gain.
It appears that traders are hopeful that Republicans might win both the Congress and the White House, which would reduce any potential opposition, making it more likely for two Republican-supported cryptocurrency bills to become laws.
As a crypto investor, I eagerly anticipated the arrival of President-elect Trump, who had expressed strong support for cryptocurrencies throughout his campaign. Intriguingly, he even pledged to establish a strategic reserve of Bitcoins, which fueled my excitement and optimism in the digital currency market.
It seems he’s heading towards a victory with 312 electoral votes, comfortably surpassing the 270 required to secure the presidency. The Associated Press indicates he leads in the crucial battleground states of Nevada and Arizona which have not been officially declared yet.
The party he belongs to currently holds a majority in the Senate and has a lead in seats for the House, yet this situation might alter as there are still 40 contests remaining uncalled.
In January, the Republican-controlled Senate is expected to convene, and they may approve the Financial Innovation and Technology for the 21st Century Act (FIT21), if it’s not already passed during the remaining legislative session before the change of power.
The proposed legislation aims to transfer greater authority for regulating cryptocurrencies to the Commodity Futures Trading Commission, however, it did not advance in the Senate Banking Committee following its approval by the House in May.
If the Republican Party retains control over the House, it’s possible that the GOP’s proposed bill for regulating stablecoins could once again move forward. This bill was previously halted following its approval by the Financial Services Committee in July of last year.
Bitcoin’s rocketing price is another likely catalyst for the stock price jump.
During the New York trading session, the price of the asset consistently hit new records, ultimately peaking at a record high of $76,509.56 on Coinbase just one minute prior to the New York Stock Exchange’s closing at 4 pm (9 pm UTC).
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2024-11-07 04:49