Trump’s Victory Sparks Bitcoin Surge and Boosts Crypto Stocks

U.S. markets surged on Wednesday following Donald Trump’s presidential win in the 2024 election, with cryptocurrency stocks leading the rally. Coinbase soared by more than 30%, while bitcoin miners, including Cipher Mining and Riot Platforms, also saw significant gains.

The U.S. stock market closed sharply higher on Wednesday, following Republican candidate Donald Trump’s victory over Democratic Vice President Kamala Harris in the 2024 presidential election. As the results of the election became clear, a surge in overnight trading fueled the rally, especially in the cryptocurrency sector.

On the cryptocurrency front, Bitcoin hit a new all-time high on Tuesday evening, continuing its upward momentum into Wednesday. At the time of publication, Bitcoin was trading at approximately $76,000, marking an impressive 9.8% increase according to The Block’s BTC price tracker.

The positive market sentiment was reflected in major U.S. stock indices. The Dow Jones closed up by 3.5%, reaching 43,729.93. The S&P 500 gained 2.5%, ending at 5,929.04, and the Nasdaq rose by 2.9%, closing at 18,983.46. Additionally, the GMCI 30 index, which tracks the top 30 cryptocurrencies by market cap, jumped 9.7%, bringing its year-to-date increase to 33.6%.

This surge in Bitcoin’s price, coupled with the rally in broader market indices, created a strong day for crypto-related stocks. Coinbase led the charge, gaining more than 31%, just a week after seeing a 15% dip following its third-quarter earnings report.

In a statement, Coinbase Chief Legal Officer Paul Grewal commented on the election’s impact on the crypto industry: “I hope the SEC understands what has happened tonight. On many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There's no reason to wait.”

Other cryptocurrency-related equities saw strong gains as well. Bitcoin mining stocks like Cipher Mining experienced a rise of over 30%, with other mining companies such as Iris Energy, Cleanspark, Terawulf, Riot Platforms, and Marathon Digital Holdings (MARA) all surging more than 20% on the day.

Additionally, MicroStrategy, a corporate holder of Bitcoin, saw its shares jump 13%, benefiting from the overall bullish sentiment in the market.