U.S. cryptocurrency stocks experienced substantial gains following a significant electoral win for Donald Trump and the announcement of a new all-time high for Bitcoin . The trading session on November 6 saw Coinbase Global Inc. (COIN), a major player in the crypto exchange industry and a prominent political donor, closing up by 31.11% at $254.3. This impressive figure brings the company’s year-to-date increase to 62.1%.
Other notable movers included Robinhood Markets Inc. (HOOD), which surged 19.6%, and crypto mining company Marathon Digital (MARA), which also rose by 19.6%. MicroStrategy Inc. (MSTR), known for its substantial Bitcoin investments, saw an increase exceeding 13%. Additional gains were noted among various U.S. Bitcoin mining firms, with Riot Platforms Inc. (RIOT) up 26%, CleanSpark Inc. (CLSK) climbing by 23%, and Hut 8 Corp (HUT) noting an 11% rise.
Market sentiment appears to be buoyed by the potential for Republican control over both Congress and the White House, which may facilitate the passage of GOP-supported cryptocurrency legislation. Trump’s campaign had strongly advocated for pro-crypto policies, including plans for a strategic Bitcoin stockpile.
As vote tallies indicate Trump is on track to secure 312 electoral college votes, he has a lead in critical swing states such as Nevada and Arizona. The Republican Party also gained a majority in the Senate and is currently leading in House of Representatives seats, although results for 40 seats are still pending.
Looking ahead, the newly formed Republican majority Senate, poised to convene in January, may be able to advance the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to increase the regulatory authority of the Commodity Futures Trading Commission over cryptocurrencies. The bill previously faced hurdles while awaiting a vote in the Senate banking committee after successfully passing the House.
The escalating value of Bitcoin has further fueled the rise in crypto stock prices. On November 6, Bitcoin reached its peak value of $76,509.56, marking a notable moment just before the close of the New York Stock Exchange.
