Following Donald Trump’s decisive election, crypto mining stocks like Marathon Digital, Riot Blockchain, and Hut 8 Corp experienced pre-market rallies.
Crypto mining firms and other crypto stocks have started a strong rally in the pre-market trading session on Tuesday, following a decisive victory of Donald Trump in both the House and the Senate. Throughout his election campaign, Trump has said that he would be supporting the Bitcoin mining industry which has faced strict regulatory actions during the Biden administration.
The share price of Bitcoin mining firm Marathon Digital (NASDAQ: MARA) has surged by a staggering 12.98% in the pre-market session and is currently trading above $18.0. Similarly, other public-listed crypto mining stocks like Riot Blockchain, Hut 8 Corp, and CleanSpark have rallied by 10-15% in today’s pre-market session.
This recent rally in the crypto mining firms follows Trump’s historic victory that pushed the Bitcoin price BTC $84 497 24h volatility: 0.5% Market cap: $1.68 T Vol. 24h: $28.07 B to a new all-time high earlier today. BTC along with the broader altcoin market has also rallied with meme coin taking the lead following Dogecoin’s 28% gains in the last 24 hours.
These gains aren’t just limited to the US market while global crypto firms listed on other markets also enjoy the pump.
Argo Blockchain’s stock saw a significant surge on November 6, rising over 14% to 10.75 GBX on the London Stock Exchange following the projection of Donald Trump’s victory in the US Presidential Election. The company’s shares also climbed more than 5% on the Nasdaq, reaching $1.19, according to Google Finance data.
In June 2024, Donald Trump expressed his goal of having all remaining Bitcoin mined in the United States, emphasizing the country’s potential to lead in the energy sector.
Trump also pledged to end the “war on crypto” and promote Bitcoin innovation within the US. He reaffirmed his intention to pardon Ross Ulbricht, the founder of Silk Road, who is serving a life sentence, and vowed to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his post.
Crypto Firms Celebrate Donald Trump’s Victory
Along with the broader cryptocurrency market, the effect of Trump’s victory has also spread to the broader crypto market. Other crypto firms have also shown strong show in the pre-market hours. For example, MicroStrategy Inc (NASDAQ: MSTR) has surged by 14.46% in the pre-market trading session moving all the way to the $260 level.
Similarly, the Coinbase (COIN) stock has surged by 13.36% in the pre-market moving all the way to the $220 level. Tuesday will be an interesting trading session across Wall Street amid strong euphoria in the global markets.
It will be interesting to see whether the Trump victory proves to be a sell-the-news event or takes the market to new highs by the end of the year.
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