Crypto stocks rally as United States voters elected Donald Trump as president and selected pro-crypto candidates, unveiling the ‘crypto voter’ era. Michael Saylor’s MicroStrategy (MSTR) and Coinbase (COIN) stocks surge 13% in pre-market hours, with Tesla (TSLA) and Bitcoin mining shares also extending the rally by double-digit gains today.
Crypto and Bitcoin-Related Stocks Rally
MicroStrategy, the largest corporate buyer of Bitcoin, saw its MSTR stock price skyrocket by more than 13% to $261 on November 6. Other crypto stocks such as Coinbase (COIN) and Robinhood Markets (HOOD) rally nearly 13% and 9% in premarket hours as Republicans swept clear win in the US Congress, fueling optimism in investors.
Elon Musk’s Tesla (TSLA) stock soared over 15% to $286.50 and Trump Media & Technology Group (DJT) share price skyrocketed almost 35% to $45.88 as Donald Trump was re-elected as president. Musk-proposed Department of Government Efficiency (D.O.G.E) is likely to be a major part of Trump’s cabinet.
Bitcoin mining stocks also saw massive double-digit gains today. CleanSpark (CLSK) stock price jumped 15% to $12.14 today. Other Bitcoin mining stock such as MARA jumped over 11% to $18.17 and RIOT price climbed 14% to $11.06. All crypto and Bitcoin miners are witnessing double-digit gains.
Donald Trump’s Win Secures Rally in Bitcoin ETFs and Stocks
Along with crypto stocks rally, Bitcoin ETFs such as BlackRock’s iShares Bitcoin ETF (IBIT) also saw notable gains on Wednesday. IBIT price jumped more than 7% to $42.45, indicating massive buying from investors.
Michael Saylor predicted a regulatory clarity after the US presidential election will drive prices of BTC and other crypto assets higher, with easing interest rates.
Notably, futures tied to the S&P 500, Nasdaq 100 and the Dow Jones hit record highs in a sharp rally after Donald Trump reclaimed the US presidency. Also, 10-year US Treasury yields surged to 4.461% and the US dollar (DXY) also gained 1.68% to hit 105.16, moving in contrast to expectations.
Meanwhile, BTC price jumped 8% amid Trump’s victory to hit a new all-time high of 75,361. The price is currently trading at $74,297, with a 24-hour low and high of $68,650 and $75,361, respectively. Furthermore, the trading volume has shot up sharply by 148% in the last 24 hours, indicating a massive interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
