BUZZ-Crypto stocks jump after Biden bows out

Reuters07-22

** Shares of cryptocurrency-related companies jump premarket after President Joe Biden drops reelection bid

** Crypto miners Riot Platforms , Bitfarms

, CleanSpark and Marathon Digital up between 1.7% and 3.2%, while exchange Coinbase Global jumps 1.5%

** Software firm and bitcoin bull MicroStrategy inches up 0.6%

** Republican candidate Donald Trump has hinted his administration would be friendly to crypto industry, saying last month he wants all remaining bitcoin to be mined in the U.S.

** "The market has not priced in a positive shift in the crypto regulatory environment," Bernstein analyst Gautam Chhugani wrote in a note

** "Bitcoin price continues to react positively to any potential improvement in odds of a Republican win, placing faith in Trump's positive comments on crypto," brokerage adds

** Trump will address Bitcoin 2024 conference in Nashville, Tennessee, on July 27

** Meanwhile, bitcoin climbs 1.2%

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com))

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