Rise in Crypto Stocks and Prediction Markets After Trump's Victory
by aria-crypto.com
November 7, 2024 at 01:50
Rise in Crypto Stocks and Prediction Markets After Trump's Victory
United States crypto stocks experienced massive gains following Donald Trump’s election win, signaling a bullish sentiment among investors. On November 6th, Coinbase Global Inc saw a notable increase of 31.11%, with its shares reaching $254.3. Similarly, Robinhood Markets Inc and MARA Holdings Inc both enjoyed significant rises of around 19.6%. Among others, Riot Platforms Inc, CleanSpark Inc, and Hut 8 Corp also saw their stocks climb with gains ranging from 11% to 26%. The surge in crypto stocks coincides with Bitcoin reaching new all-time highs, symbolizing increased investor confidence. Trump’s campaign, which was markedly pro-crypto, promised the development of a strategic Bitcoin stockpile, further boosting investor enthusiasm. With the Republican control over the Senate, it is anticipated that crypto-friendly bills like the Financial Innovation and Technology for the 21st Century Act might soon become law. This political shift could mean a more favorable regulatory environment for cryptocurrencies in the near future. Meanwhile, prediction markets also demonstrated their accuracy during the election, outperforming traditional polls and solidifying their place as reliable platforms for forecasting events.
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