Cryptocurrency mining stocks such as Marathon Digital, Riot Blockchain, and Hut 8 Corp have experienced a pre-market bounce since Donald Trump’s decisive election victory.
Highlights
- Trump’s victory has sparked strong optimism across Wall Street, with investors hoping for a supportive regulatory environment for the Bitcoin mining industry.
- The market rally extended globally, with Argo Blockchain rising 14% on the London Stock Exchange.
- In the US, companies like MicroStrategy and Coinbase also saw significant gains of over 13% pre-launch.
Cryptocurrency mining companies and other cryptocurrency stocks began a strong rebound in Tuesday’s pre-market trading session, following Donald Trump’s decisive victories in both the House and Senate. Trump said throughout his presidential campaign that he would support the Bitcoin mining industry, which faced stringent regulatory measures during the Biden administration.
Shares of Bitcoin mining company Marathon Digital (NASDAQ: MARA) surged a whopping 12.98% in the pre-market session and are currently trading above $18.0. Similarly, other listed cryptocurrency mining stocks such as Riot Blockchain, Hut 8 Corp, and CleanSpark were also up 10-15% in today’s pre-market session.
The cryptocurrency mining company’s recent rally follows Trump’s historic victory, which boosted the price of Bitcoin.
BTC
$75261
24-hour volatility:
5.5%
Market capitalization:
$1.49T
Vol. 24 hours:
$133.98B
It hit an all-time high this morning. BTC rallied along with the broader altcoin market, with Meme coin taking the lead following Dogecoin’s 28% rise in the last 24 hours.
These gains are not limited to the US market; global cryptocurrency companies listed in other markets are also enjoying the benefits.
Argo Blockchain’s stock price soared significantly on November 6, up more than 14% to 10.75GBX on the London Stock Exchange following predictions that Donald Trump would win the US presidential election. The company’s shares also rose more than 5% on the Nasdaq, reaching $1.19, according to Google Finance data.
In June 2024, Donald Trump announced his goal to have all remaining Bitcoin mined in the United States, highlighting the country’s potential to lead the energy sector.
Trump also promised to end the “war on cryptocurrencies” and promote Bitcoin innovation within the United States. He reaffirmed his intention to pardon Silk Road founder Ross Ulbricht (who is serving life in prison) and pledged to remove Securities and Exchange Commission (SEC) Chairman Gary Gensler from his position.
Cryptocurrency Companies Celebrate Donald Trump’s Victory
Along with the expansion of the cryptocurrency market, the impact of Trump’s election also spread throughout the cryptocurrency market. Other cryptocurrency companies also showed strength in the pre-market hours. For example, MicroStrategy Inc (NASDAQ: MSTR) surged 14.46% in the pre-market trading session to hit the $260 level.
Likewise, Coinbase (COIN) stock price surged 13.36% pre-market, reaching the $220 level. Tuesday will be an interesting trading session across Wall Street amid strong euphoria in global markets.
It will be interesting to see whether Trump’s victory turns out to be a news selling event or pushes the markets to new highs by the end of the year.
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disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to convey accurate and timely information, but should not be taken as financial or investment advice. Market conditions can change rapidly, so please verify the information yourself and consult with experts before making any decisions based on such information.
Bhushan is passionate about fintech and has a great talent for understanding financial markets. His interest in economics and finance draws attention to the emerging blockchain technology and cryptocurrency markets. He is constantly in the process of learning and is motivated by sharing the knowledge he has acquired. In my free time, I read thriller novels and sometimes explore my cooking skills.
