Republican

Donald Trump

United States crypto stocks ended the trading day on massive gains — most at double-digits — after a sweeping presidential election win by Donald Trump and a Bitcoin all-time high.
Crypto exchange Coinbase Global, one of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-harris-trump-administration-us-election" rel="null" target="null" text="null" title="null">the biggest donors</a> in the election cycle, saw the biggest gain on Nov. 6, closing up 31.1% at $254.31, now up 62.1% so far this year, <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/COIN:NASDAQ" rel="null" target="null" text="null" title="null">according</a> to Google Finance.
Trading house Robinhood Markets also jumped 19.6% on the day, as did Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) miner MARA Holdings — formerly Marathon Digital. BTC-buying MicroStrategy also closed up over 13%.
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 <img alt="Crypto stocks close on huge gains riding Donald Trump’s US election win" src="https://s3.cointelegraph.com/uploads/2024-11/01930441-fd4f-786a-8e8e-bf187874ac5f" title="">
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 Coinbase surged over Nov. 6 on Trump’s win and Bitcoin’s new price highs. Source: Google Finance
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Other US Bitcoin miners were up also, with Riot Platforms closing up 26%, CleanSpark up 23% and Hut 8 gaining 11%.
Traders are seemingly optimistic that Republicans will seize control of Congress alongside the White House, leaving little resistance for two GOP-backed crypto bills to pass into law.
Republican President-elect Trump ran a staunchly <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-promises-crypto-election-usa" rel="null" target="null" text="null" title="null">pro-crypto campaign</a> and even promised to create a strategic Bitcoin stockpile.&nbsp;
He appeared on track to win 312 electoral college votes, easily clearing the 270 needed to win, as the Associated Press <a data-ct-non-breakable="null" href="https://apnews.com/projects/election-results-2024/" rel="null" target="null" text="null" title="null">showed</a> he was ahead in the swing states of Nevada and Arizona, which were yet to be called.
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 <img alt="Crypto stocks close on huge gains riding Donald Trump’s US election win" src="https://s3.cointelegraph.com/uploads/2024-11/01930441-a713-798b-8a91-4e7b7ca530b3" title="">
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 Trump leads by around five percentage points in both Arizona and Nevada, with 66% and 87% of votes counted, respectively. Source: AP
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His party won a majority in the Senate and was <a data-ct-non-breakable="null" href="https://apnews.com/live/senate-house-election-updates-11-5-2024" rel="null" target="null" text="null" title="null">ahead</a> in House seats, but that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-majority-house-representatives" rel="null" target="null" text="null" title="null">could change</a> with 40 still left to call.
The Republican-majority Senate will be seated in January and could pass the GOP-backed Financial Innovation and Technology for the 21st Century Act (FIT21), if it isn’t already passed in the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-stablecoin-bills-move-lame-duck-congress-rep-hill" rel="null" target="null" text="null" title="null">lame-duck session</a>.
The bill looks to hand more regulatory control over crypto to the Commodity Futures Trading Commission, but stalled in the Senate banking committee after passing the House in May.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-sec-shakeup-coinbase-pro-crypto-reforms" rel="null" target="null" text="null" title="null">Coinbase exec urges SEC reform after Trump’s election win</a>
The GOP’s stablecoin regulatory framework bill could also be back in play with a Republican House majority, as it stalled after passing the Financial Services Committee <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/payment-stablecoins-keep-your-coins-act-pass-house-committee" rel="null" target="null" text="null" title="null">last July</a>.
Bitcoin’s rocketing price is another likely catalyst for the stock price jump.
TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/9TERcreT/?symbol=COINBASE%3ABTCUSD" rel="null" target="null" text="null" title="null">shows</a> it continued to break new highs throughout the New York trading day, reaching its current all-time peak of $76,509.56 on Coinbase one minute before the New York Stock Exchange closed at 4 pm (9 pm UTC).
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hype-ai-agents-crypto-just-turned-into-reality/" rel="null" target="null" text="null" title="null">AI agents trading crypto is a hot narrative, but beware of rookie mistakes</a>

Crypto stocks close on huge gains riding Donald Trump’s US election win

Cointelegraph

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