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Traders seized on optimism that the more pro-crypto Republicans may win a majority in Congress after taking the White House.
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United States crypto stocks ended the trading day on massive gains — most at double-digits — after a sweeping presidential election win by Donald Trump and a Bitcoin all-time high.
Crypto exchange Coinbase Global, one of the biggest donors in the election cycle, saw the biggest gain on Nov. 6, closing up 31.1% at $254.31, now up 62.1% so far this year, according to Google Finance.
Trading house Robinhood Markets also jumped 19.6% on the day, as did Bitcoin (BTC) miner MARA Holdings — formerly Marathon Digital. BTC-buying MicroStrategy also closed up over 13%.
Coinbase surged over Nov. 6 on Trump’s win and Bitcoin’s new price highs. Source: Google Finance
Other US Bitcoin miners were up also, with Riot Platforms closing up 26%, CleanSpark up 23% and Hut 8 gaining 11%.
Traders are seemingly optimistic that Republicans will seize control of Congress alongside the White House, leaving little resistance for two GOP-backed crypto bills to pass into law.
Republican President-elect Trump ran a staunchly pro-crypto campaign and even promised to create a strategic Bitcoin stockpile.
He appeared on track to win 312 electoral college votes, easily clearing the 270 needed to win, as the Associated Press showed he was ahead in the swing states of Nevada and Arizona, which were yet to be called.
Trump leads by around five percentage points in both Arizona and Nevada, with 66% and 87% of votes counted, respectively. Source: AP
His party won a majority in the Senate and was ahead in House seats, but that could change with 40 still left to call.
The Republican-majority Senate will be seated in January and could pass the GOP-backed Financial Innovation and Technology for the 21st Century Act (FIT21), if it isn’t already passed in the lame-duck session.
The bill looks to hand more regulatory control over crypto to the Commodity Futures Trading Commission, but stalled in the Senate banking committee after passing the House in May.
Related: Coinbase exec urges SEC reform after Trump’s election win
The GOP’s stablecoin regulatory framework bill could also be back in play with a Republican House majority, as it stalled after passing the Financial Services Committee last July.
Bitcoin’s rocketing price is another likely catalyst for the stock price jump.
TradingView shows it continued to break new highs throughout the New York trading day, reaching its current all-time peak of $76,509.56 on Coinbase one minute before the New York Stock Exchange closed at 4 pm (9 pm UTC).
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