Shares of companies related to bitcoin (BTC) and cryptocurrencies registered a significant increase in price, after Donald Trump’s victory in the United States presidential elections.
As CriptoNoticias already reported, during his campaign the Republican leader expressed his support for the digital assets industry and promised to promote friendly regulation for the sector. After his victory over Kamala Harris, the Democratic Party candidate, was announced, the price of digital assets skyrocketed.
In this framework, the bitcoin price registered an increase of 25% in the last 7 days and recorded an all-time high (ATH) of $84,960.
At the time of publication of this note, the price of the currency created by Satoshi Nakamoto is $84,180.
Thanks to the momentum that BTC generated in the digital asset market, The shares of cryptocurrency mining companies also registered significant increases. During the last trading session, Marathon Digital (MARA) rose 18.53% while Riot Platforms (RIOT) and Bit Digital (BTBT) rose 31.9% and 22.57%, respectively.
For their part, the shares of CleanSpark (CLSK) and HIVE Digital (HIVE) increased 28.5% and 27.75%, respectively, in the last 24 hours.
Likewise, the shares of Coinbase (COIN), the exchange that is in charge of 90% of the custody of the BTC that back the ETFs of the issuing companies in the United States, rose more than 15%.
MicroStrategy (MSTR) also recorded significant gains after the presidential elections in the United States. From Friday to the time of publishing this note, the stock rose more than 40%.
It is important to note that the company founded by Michael Saylor has 279,420 BTC in its treasuries as a reserve of value and announced plans to continue purchasing the digital currency.
As CriptoNoticias already reported, MicroStrategy acquired such possession through multiple purchases for more than four years for an average price of 10,000 million dollars. In addition to Saylor’s company, the publicly traded companies mentioned above also have BTC in their treasuries as a store of value, according to data from the site Bitcoin Treasuries.
Eric Balchunas, the ETF specialist at Bloomberg Intelligence, he remarked that “BTC mania is also taking over the stock market” and mentioned that so far this Monday, November 11, COIN and MSTR “are among the 5 most traded stocks today, something I have never seen; only Tesla and Nvidia have more.” Furthermore, he added: “They are both up 18% today, which is crazy. It feels like a kind of frenzy, at least for the moment.”
The market’s response to Donald Trump’s victory is largely due to the promises he made during his campaign. Among them, measures friendly to the sector stand out and the end of the persecution that the digital asset industry suffered during Joe Biden’s presidency.
Thus, investors are betting that Trump will fulfill his promises starting in January 2025. A less restrictive environment in the United States could generate a more favorable context for minerswhich would boost the growth of the sector.
Finally, it is worth remembering that the Republican leader promised to create a strategic reserve of BTC, to take advantage the potential that the digital currency has to revalue in the medium and long term.