Following Donald Trump’s re-election as President of the United States, the cryptocurrency-related stock market has seen a significant rally, reflecting investor confidence in the continuation of crypto-friendly policies. With Trump and other pro-crypto candidates winning, markets are beginning to glimpse what many are calling the “age of the crypto voter.”
Among the highlights, shares of MicroStrategy, led by Michael Saylor and known for its massive Bitcoin acquisitions, rose more than 13%, reaching 261 USD in pre-market trading on November 6.
Coinbase, another industry giant, and Robinhood Markets also saw their values rise by around 13% and 9%, respectively. These were driven by a political environment now perceived as more welcoming to cryptocurrencies.
In addition, shares of Tesla, led by Elon Musk, jumped more than 15% to 286.50 USD. The Trump Media & Technology Group saw an impressive increase of almost 35%, highlighting the direct influence of politics on investor perception and confidence in companies linked to technology and innovation.
The Bitcoin mining industry also saw significant gains, with stocks like CleanSpark up 15%. Other companies in the industry, including MARA and RIOT, saw gains of over 11% and 14%.
Finally, the prospect of a Trump administration continues to generate optimism in the cryptocurrency sector. The market sees the Republican administration as a potential ally for continued growth and innovation.
Bitcoin and ETFs see significant gains after Trump’s reelection
Furthermore, last Wednesday, the financial market, especially the cryptocurrency sector, experienced a day of euphoria. Bitcoin investment funds, such as BlackRock’s iShares Bitcoin ETF (IBIT), saw their values soar. IBIT rose by more than 7%, trading at 42.45 USD.
Michael Saylor, a well-known cryptocurrency enthusiast , had already anticipated that greater regulatory clarity after the US presidential election could boost the crypto market.
According to him, the outlook would be even better if it were accompanied by a scenario of lower interest rates. With the confirmation of Donald Trump’s reelection, this prediction has materialized: the S&P 500, Nasdaq 100 and Dow Jones futures reached historic highs.
Meanwhile, the 10-year US Treasury yield hit 4.461% and the US dollar (DXY) rose 1.68%. Surprisingly, this was a move contrary to what many analysts expected.
Meanwhile, Bitcoin saw an 8% jump in price, reaching a new all-time high of 75,361 USD. The digital currency remained bullish, trading around 74,297 USD, with trading volume increasing 148% in the past 24 hours, indicative of strong investor appetite.
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