US Crypto Stocks Surge Following Donald Trump’s Victory

Stocks and Cryptocurrencies See Significant Gains

Following the election victory of Donald Trump in the US presidential election, there has been a noticeable rally in crypto-linked stocks. Bitcoin and other cryptocurrencies have also experienced a surge in value.

Market Growth and Price Predictions

The market size of cryptocurrencies grew by 7% overnight, reaching $2.6 trillion. Analysts predict that Bitcoin could rise to $90,000 by the end of 2024 and $200,000 by the end of next year.

Impact of Trump’s Victory

Trump’s pro-crypto stance has been a driving force behind the recent rally, with investors anticipating industry-friendly policies under his administration.

Rise in Crypto Stocks

Notable gains have been seen in companies like Coinbase, Robinhood, and MicroStrategy, with significant increases recorded in their stock prices.

Bitcoin Mining Stocks Surging

Bitcoin mining stocks, including CleanSpark, Canaan, Marathon Holdings, and Hut 8, have also witnessed double-digit gains, reflecting the overall positive market sentiment.

Trump’s Vision for Crypto

Trump’s commitment to making the US a global leader in cryptocurrency has garnered support from the crypto community, particularly Bitcoin miners who are optimistic about the future under his administration.

Energy Challenges and Competition

Bitcoin miners in the US are facing challenges in energy supply and increasing competition from other industries, prompting them to seek innovative solutions like tapping into alternative energy sources.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent, covering DeFi and tech. For story tips or inquiries, reach out to him at osato@dlnews.com.