Shares of US crypto companies rose in pre-market trading after Bitcoin (BTC) rose above $75,000 on signs that Donald Trump is on track to win the US presidential election. The result was confirmed as he secured the more than 270 electoral college votes needed for victory.
Shares of US cryptocurrency companies jumped
Shares of US-based crypto companies gained in premarket after Bitcoin (BTC) rose above $75,000 and news that Donald Trump won the US presidential election. Trump declared victory by receiving more than 270 electoral college votes required for the presidency. While this development created excitement in the Bitcoin and altcoin markets, the shares of important companies in the sector also increased.
MicroStrategy (MSTR), the largest institutional holder of Bitcoin, is up 12% to near $255. That means it’s just a few points away from a record high that would represent a 280% climb this year. Crypto exchange Coinbase also increased by 12%. Additionally, crypto miner Riot Platforms (RIOT) also rose. Other miners also rallied. Marathon Digital Holdings (MARA) rose 11% and IREN (IREN) rose 12%. Other notable bets include Tokyo-based Metaplanet (3350), which mimics Microstrategy’s Bitcoin buying policy and adds 24%. The investment advisor’s returns have skyrocketed more than 1,100% since the beginning of the year.
Bitwise president made a statement
CEO Simon Gerovich said the company saw record trading volume of 11.63 billion yen ($76 million). This comes after another Bitcoin investor, Semler Scientific (SMLR), saw a 30% increase in its share price yesterday. Tesla, whose CEO Elon Musk supported Trump and voiced his support for cryptocurrencies during the election campaign, rose 15%. André Dragosch, head of European research at Bitwise, said:
Given the uncertainty surrounding the election – which shows the candidates are close together in opinion polls – the possibility of positive regulation for the crypto industry under Trump could be a new catalyst for a bull run. A more pro-crypto stance among US regulators would likely allow for more diverse investment opportunities such as ETFs. There are still several spot crypto ETFs awaiting SEC approval, including spot ETFs in Solana and XRP. Cryptoasset service providers will operate more freely and face less pressure from regulators, meaning the so-called ‘Operation Bottleneck 2.0’ will likely come to an end.
Additionally, “Bitcoin has performed very well overall after the past US elections, regardless of the outcome,” Dragosch said. “However, a Trump win would accelerate the upcoming bull run in Bitcoin and crypto assets. Recent US election results show that political sentiment in the US has shifted significantly towards a pro-crypto stance and will accelerate mainstream adoption of crypto assets.” he added.
