Donald Trump’s win in the 2024 U.S. presidential election sparked a significant rally across crypto stocks, with major players like MicroStrategy, Coinbase, Tesla, and Bitcoin miners seeing impressive double-digit gains. The election results, combined with a favorable environment for crypto-friendly policies, triggered a surge in optimism for the sector.
However, as of now, anything is possible; the coming weeks may reveal if this crypto rally has true staying power or if caution will prove wise. Before that, let’s jump into the stocks and assets that cashed into Trump’s win.
MicroStrategy and Coinbase See Major Gains
MicroStrategy, the largest corporate holder of Bitcoin, saw its stock skyrocket by over 13%, reaching $261 on November 6. The surge comes as investors anticipate regulatory clarity in the crypto market, which could pave the way for higher Bitcoin prices.
Similarly, Coinbase (COIN) experienced a significant rally, with its stock price climbing nearly 16%. This surge reflects growing investor confidence, particularly as the Republican Party, including several pro-crypto candidates, is expected to hold majorities in both the Senate and House. This political shift suggests a more crypto-friendly regulatory environment in the future.
Elon Musk’s Tesla (TSLA) also enjoyed a strong performance, with shares jumping over 15% to $287.80. Tesla’s support for Trump’s proposed Department of Government Efficiency (D.O.G.E), expected to play a central role in the president’s cabinet, has further fueled this positive momentum. Meanwhile, Trump Media & Technology Group (DJT) saw its stock price soar nearly 35%, reaching $45.88, as Trump’s re-election seemed to promise a more supportive environment for the tech and crypto sectors.
Bitcoin Miners and ETFs See Notable Gains
Bitcoin mining stocks were also among the big winners. CleanSpark (CLSK) saw a 15% increase, while Marathon Digital (MARA) and Riot Platforms (RIOT) experienced gains of over 11% and 14%, respectively. The rally extended to Bitcoin ETFs, with BlackRock’s iShares Bitcoin ETF (IBIT) jumping more than 7%, indicating strong buying interest from investors looking to gain exposure to Bitcoin without directly holding the asset.
The price of Bitcoin surged by 8% after Trump’s victory, reaching a new all-time high of $75,361. This jump reflects a growing belief that regulatory clarity and a more crypto-friendly stance from the government could drive higher prices. The trading volume also spiked by 150%, signaling heightened interest from traders in response to the political shift.
With Trump’s re-election, the crypto market is expecting favorable regulatory changes, easing interest rates, and a broader acceptance of Bitcoin and other crypto assets. Investors remain hopeful that the president’s pro-crypto policies will continue to shape the market in the coming years.
As the countdown to 2025 begins, crypto assets potential seems limitless, with new milestones on the horizon and history ready to be rewritten.
Source: https://coinpedia.org/news/microstrategy-tesla-and-crypto-stocks-see-major-gains-following-trumps-2024-victory/