As a seasoned crypto investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself increasingly optimistic about Galaxy Digital’s potential for growth following Trump’s victory in the U.S. presidential election. My experience in the volatile yet lucrative world of cryptocurrencies has taught me that political shifts can often lead to significant changes in the market landscape.
Based on an analyst report shared with CryptoMoon on November 8th, it’s expected that Galaxy Digital’s stock will experience larger increases following Donald Trump’s victory in the U.S. presidential election on November 5th, which could lead to increased institutional adoption of cryptocurrencies.
On November 5th, Galaxy’s stock prices surged by 25% following Donald Trump’s victory in the Republican elections. This significant event ignited the company’s busiest cryptocurrency trading day of the entire year.
According to a report penned by Benchmark fintech analyst Mark Palmer, the surge in price was likely due to the election of President-Elect Trump, who expressed support for cryptocurrencies during his campaign, potentially leading to an increase in institutional adoption of digital currencies.
Palmer raised his price target for GLXY to 29 CAD per share from his previous estimate of 19 CAD, he told CryptoMoon in an email. It currently trades at around 23 CAD per share.
The report indicates that Donald Trump’s victory may support Galaxy’s continued efforts to elevate its share, GLXY, to the Nasdaq market.
Despite a cautious stance by the Securities and Exchange Commission on cryptocurrencies, Galaxy’s efforts to list on Nasdaq “persist” and are “more probable” with the arrival of the Trump Administration, according to Palmer.
As an analyst, I’d express it as follows: I noted in a recent report that our company, Galaxy, could benefit significantly by implementing strategies to broaden and capitalize on the high-power capacity at our premier data center, Helios, located in Dickens County, Texas.
According to Palmer, it’s expected that Helios will gain significantly from the increased demand for immense power stemming from AI and advanced computing initiatives.
U.S. cryptocurrency stocks experienced significant increases, with many seeing gains of more than 10%, following Donald Trump’s landslide victory, fueling optimism about potential pro-cryptocurrency changes in American policy.
On Election Day, Galaxy’s business was running at full capacity – engaging in trades with partners domestically and internationally, extending loans, and managing derivatives, as per reports from Bloomberg, shared by the company’s CEO, Michael Novogratz.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
In his election bid, Trump declared an ambition to establish the U.S. as the foremost global hub for cryptocurrencies and a dominant force in the world of Bitcoin.
To date, his suggested policies encompass the following:
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2024-11-08 18:30