Crypto Stocks Surge Following Trump's Pro-Bitcoin Speech
Shares of New York-listed cryptocurrency firms rose on Monday after Donald Trump, the Republican presidential candidate, spoke favorably about bitcoin and promised more supportive regulations.
Coinbase’s shares increased by 3%, while miners like Bitfarms, Riot Platforms, and CleanSpark saw gains of 4% to 5%. Trump is positioning himself as the pro-bitcoin candidate, and his potential return is seen as a big win for the crypto industry, which has faced tough regulation under President Joe Biden.
Bernstein analysts suggest that any “Trump trade” for the U.S. election should involve more investment in bitcoin and related stocks. Crypto is becoming more mainstream with institutional backing and new exchange-traded funds tied to bitcoin and ether.
Danny Scott, CEO of CoinCorner, noted that global sentiment has been very positive this year, setting up what many believe could be a big bull run for 2024-25.
However, SEC Chair Gary Gensler, responsible for crypto regulation, has warned about the volatility of tokens like bitcoin. Trump has vowed to fire Gensler and use seized bitcoin to create a national stockpile. He has also expressed a desire for all remaining bitcoin to be mined in the U.S.
