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.