Cryptocurrency stocks like Coinbase, Marathon Digital, others surge after Trump’s Bitcoin comments – Coinbase Glb (NASDAQ:COIN)

Shares of cryptocurrency companies listed on the New York Stock Exchange surged Monday following statements by Republican presidential candidate Donald Trump that he endorsed Bitcoin BTC/USD and promised more favorable regulations for the industry.

Reuters reports that Trump’s statements led to a noticeable increase in the value of shares of several cryptocurrency-related companies.

Coinbase Global, Inc COIN AND Marathon Digital Holdings, Inc MARA shares rose by more than 4%, while miners Bitfarms Ltd BITF, Riot Inc. Platforms RIOTAND CleanSpark Inc KSK increases of 4% – 5% were recorded.

During his campaign, Trump promised to create a national bitcoin “stockpile” using existing U.S. government cryptoassets.

He also intended to ensure that all remaining bitcoins were mined in the US.

Trump also promised to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has defended strict regulatory measures by pointing to the volatility and speculative nature of cryptocurrencies like bitcoin.

Bernstein analysts noted that the cryptocurrency market views a potential Trump presidency as a positive for the industry, given the Biden administration’s regulatory crackdown and pro-Trump statements.

The broader acceptance of cryptocurrencies, driven by institutional investors and the acceptance of ETFs linked to the prices of bitcoin and ether, has already brought the industry closer to mainstream finance. A Trump victory could accelerate that trend even further, Reuters writes.

Additionally, the price of bitcoin rose 2.4% to its highest level since mid-June.

Investors can gain exposure to bitcoin through iShares Bitcoin Trust IBIT AND ProShares Bitcoin Strategy ETF BIT.

Reduction: COIN shares were up 3.82% at $252.22 in pre-market trading, as of last check on Monday.

Reservation: This content was prepared in part using AI tools and was reviewed and published by Benzinga editors.

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