As Cointelegraph reported, traders are optimistic that pro-crypto Republicans could win a majority in Congress following their White House victory.
U.S. cryptocurrency stocks surged at the end of the trading day — most by double digits — driven by Donald Trump’s presidential election victory and bitcoin hitting a new all-time high.
Cryptocurrency exchange Coinbase Global, one of the largest donors during the election cycle, had the biggest gain on Nov. 6, closing up 31.1% at $254.31 and up 62.1% year to date, according to Google Finance.
Trading platform Robinhood Markets also rose 19.6% on the day, and bitcoin miner MARA Holdings (formerly Marathon Digital) also rose 19.6%. In addition, MicroStrategy, which bought bitcoin, closed up more than 13%.
Other U.S. bitcoin miners also posted broad gains, with Riot Platforms closing up 26%, CleanSpark up 23% and Hut 8 up 11%.
Traders appear optimistic that Republicans will take control of Congress following their White House victory, believing that this will allow two GOP-backed crypto bills to pass smoothly.
Republican President-elect Trump explicitly supported cryptocurrencies during his campaign and pledged to build a strategic Bitcoin reserve.
He appears on track to win 312 electoral votes, comfortably exceeding the 270-vote threshold to win, and leads in two key states, Nevada and Arizona, where results have yet to be finalized, according to the Associated Press.
His party won a majority in the Senate and is ahead in the House of Representatives, but 40 seats are still undecided.
The Senate, with a Republican majority set to take office in January, could pass the GOP-backed Financial Innovation and Technology for the 21st Century Act (FIT21) if it fails in a lame-duck session. The bill seeks to hand more regulatory control to the Commodity Futures Trading Commission but stalled in the Senate Banking Committee after passing the House in May.
The Republican stablecoin regulatory framework bill could also return to the spotlight under the Republican House majority, as the bill stalled after passing the Financial Services Committee last July.
The surge in Bitcoin prices is also another possible catalyst for rising stock prices.
Bitcoin continued to hit new highs during the New York trading day, reaching its current all-time high of $76,509.56 a minute before the close of the New York Stock Exchange at 4 p.m. (9 UTC), TradingView showed.
