Bitcoin carves out fresh all-time high as crypto stocks take off
COIN, MARA, RIOT and MSTR were soaring in midday trading
Bitcoin carved out a fresh all-time high as crypto stocks took off following the outcome of the US presidential election on Wednesday.
President-elect Donald Trump was declared the winner in the wee hours of Wednesday morning, leading to a bump across crypto stocks that’s only gained momentum throughout the trading day.
Bitcoin topped $76,000, a new all-time high just hours after it carved out its last ATH.
Newsletter
Subscribe to Blockworks Daily
Shares of Coinbase were up 30% in midday trading to $253 a share as it inches up toward a 52-week high. COIN is roughly $34 from carving out a new 52-week high, up 187% in the last year.
The market enthusiasm can be boiled down to two things: Trump was largely seen as the pro-crypto candidate, who’s made multiple promises around crypto including a promise to remove Gary Gensler as chair of the SEC. Whether or not he has the ability to do so remains up in the air, as Blockworks’ Casey Wagner reported.
If Gensler steps down or is removed as the head of the SEC, Coinbase could benefit given its multi-year legal battle with the SEC.
But Coin’s not the only stock to see the overall euphoria throughout the crypto community. Bitcoin mining stocks, including Marathon and Riot, were up double digits.
MARA was up over 18%, while RIOT and Cleanspark were up roughly 20% in midday trading.
“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” CoinShares CEO Jean-Marie Mognetti said.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter .
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
- Bitcoin
- Coinbase
- Donald Trump
- US politics
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VeChain Revolutionizes NFT Access with Free PofP Badge Tool
21Shares Polkadot Trust Hints at ETF Possibilities for Investors
ETH breaks through $3,400
Flockerz Vote-to-Earn ICO Raises $7.4 Million – Next 25x Crypto Gem?