Crypto Stocks and Bitcoin Spike After Harris Congratulates Trump

Crypto stocks and assets had a notable surge after Donald Trump’s surprising win in the U.S. presidential election. On November 6, market confidence in a “Trump trade” scenario propelled Bitcoin beyond the $75,000 level. This trade mentality is predicated on the idea that a Republican victory would result in a robust market rally, which would be particularly advantageous for the cryptocurrency industry.

The emergence of digital assets was not limited to Bitcoin. While Solana edged closer to $190, Ethereum had a spectacular surge, reaching almost $2,700. As the cryptocurrency market adopted an optimistic view, even Dogecoin, which has seen volatility in recent months, rose beyond $0.20, suggesting a resurgence of interest in altcoins.

Crypto-related Stocks See Significant Gains

Major stocks tied to cryptocurrency, such as Coinbase, MicroStrategy, and Riot Platforms, also experienced sharp increases in pre-market and regular trading. After Vice President Kamala Harris extended her congratulations to Trump, Coinbase shares rose by 30%, closing at $253.58—a 50% increase in a month and a nearly 200% jump over the past year. MicroStrategy, known as the largest corporate holder of Bitcoin, climbed almost 13% for the day, showing an impressive 40% increase over the last month and delivering a substantial 460% return in the past year.

Notable increases were also observed in other Bitcoin mining-related businesses. Riot Platforms (RIOT) saw a 21% increase, while Marathon Digital (MARA) saw a 19% increase. CleanSpark’s (CLSK) 20% increase and Hut 8’s (HUT) 9% increase were bolstered by their impressive quarterly results.

Cryptocurrency trading websites like Block Inc. and Robinhood also saw notable increases. Investor excitement over Trump’s second term and possible crypto-friendly legislation drove a 20% surge in Robinhood’s shares and a 7% increase in Block Inc. (SQ).

The cryptocurrency industry may continue to gain from positive trading attitude in the near future due to strong market momentum and resurgence of interest in digital assets.