CandleFocus Crypto Equities Surge More Than 10% as U.S. Political Uncertainty Diminishes with Trump Victory
2024-11-06
Author: Content Editor
U.S. crypto equities experienced significant gains in pre-market trading as the price of bitcoin surged above $75,000 and Donald Trump's victory in the U.S. presidential election was confirmed. MicroStrategy, the largest corporate holder of bitcoin, saw a 12% increase and is close to reaching a record high for the year. Other crypto companies such as Coinbase, Riot Platforms, Marathon Digital Holdings, and IREN also experienced double-digit gains. Tokyo-based Metaplanet, which follows MicroStrategy's strategy of buying bitcoin, saw a 24% increase in its share price. Additionally, Tesla, whose CEO Elon Musk supported Trump and cryptocurrencies, gained 15%. The favorable regulation for the crypto industry under a Trump administration could potentially lead to a bull run in the market, according to experts. Bitcoin has historically performed well after U.S. elections, regardless of the outcome. The shift towards a pro-crypto stance in the U.S. political sentiment could accelerate the mainstream adoption of cryptocurrencies.
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