US Election 2024: Trump's Triumph Lifts Bitcoin To Record High, Crypto-Linked Stocks Surge

Shares of cryptocurrency-related companies saw a significant pre-market surge on Wednesday as Bitcoin ($BTC.X) briefly hit an all-time high of $75,000. 

The rally followed news of Republican candidate Donald Trump claiming victory over Democrat Kamala Harris in the U.S. presidential election, marking his second term in the White House.

Several major media outlets projected Trump’s win, citing his capture of 276 Electoral College votes, including key swing states such as Pennsylvania, North Carolina, and Georgia. 

Trump, who positioned himself as a pro-Bitcoin candidate during his campaign, has fueled optimism for a more favorable regulatory stance from the SEC and other government agencies regarding the crypto industry.

Key cryptocurrency-linked stocks were posting substantial gains and trending on Stocktwits, with heightened retail sentiment driven by Trump’s win:

Coinbase Global Inc. ($COIN)

Shares of Coinbase, the largest U.S. crypto exchange, jumped over 13% in pre-market trading, setting the stage for the stock’s strongest open in over three months. 

COIN stock had been under pressure since late October following earnings that fell short of Wall Street expectations, despite the company nearly doubling its revenue. 

On Stocktwits, retail sentiment turned more ‘bullish’ ahead of Wednesday’s session, with increased message volume reflecting optimism tied to Bitcoin’s rally and Trump’s anticipated regulatory stance.

Cleanspark Inc. ($CLSK)

Cleanspark, a company providing bitcoin mining technology and data center management, saw its stock rise over 13% pre-market. Despite the price gains, retail sentiment on Stocktwits shifted from ‘bullish’ to ‘neutral’ as investors monitored how Cleanspark would capitalize on favorable market conditions under Trump’s administration.

Bakkt Holdings Inc. ($BKKT)

Bakkt Holdings, a digital asset marketplace launched by the parent company of the New York Stock Exchange, also saw a strong pre-market performance, with shares up nearly 10%. 

Retail sentiment on Stocktwits was ‘extremely bullish,’ as many investors anticipated growth under a crypto-friendly administration.

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