U.S. crypto stocks closed with significant gains on Nov. 6 following Donald Trump’s presidential election win, as investors embraced hopes for a more crypto-friendly administration and potentially GOP-majority Congress. Trump, who campaigned on a pro-crypto platform and pledged to build a national Bitcoin reserve, appears on track to secure 312 electoral votes, surpassing the required 270 and strengthening Republican momentum.
Coinbase Global Inc. (COIN), a key contributor to the election cycle, led the rally, soaring by 31.1% to $254.3, bringing its year-to-date increase to 62.1%. Robinhood Markets Inc. (HOOD) gained 19.6%, Bitcoin miner MARA Holdings Inc. (MARA) saw a significant rise, and MicroStrategy Inc. (MSTR) closed up over 13%.
Investor optimism extends to the potential for a GOP-led Congress, which could facilitate the passage of two Republican-backed crypto bills, easing regulatory pressures on the industry. Additionally, Bitcoin reached a new all-time high of $76,500, driven by excitement over the election’s potential impact on U.S. crypto policy.
Source: Cointelegraph
Photo Credits: Cointelegraph
