Shares of Coinbase Global Inc. (COIN), the leading cryptocurrency exchange, surged in pre-market trading on November 11, 2024, swept up in a wave of optimism surrounding digital assets following the election victory of Donald Trump as the next U.S. president.
Bitcoin, the world's largest cryptocurrency, briefly topped $82,000 for the first time over the weekend, extending a rally fueled by expectations that a Trump administration and Republican-controlled Congress will create a more favorable regulatory environment for the crypto industry. The price surge was driven by Trump's embrace of cryptocurrencies and his pledge to make the U.S. a hub for the industry.
Trump has promised to appoint regulators who support digital assets and has even proposed the idea of a strategic national bitcoin stockpile, contrasting sharply with the crackdown on crypto seen under the previous administration led by President Joe Biden and Securities and Exchange Commission (SEC) Chair Gary Gensler.
Comments