Bitcoin Reaches New All-Time High of $76,000 After Election Results
Bitcoin reached a new all-time high of over $76,000 following the US presidential election results on Wednesday, where President-elect Donald Trump was declared the winner.
The surge in Bitcoin’s price coincided with significant gains in crypto stocks. Shares of Coinbase increased by 30% to $253, approaching a 52-week high and up 187% over the past year.
The market response is attributed to Trump's perceived pro-crypto stance, including promises to remove Gary Gensler as chair of the SEC. If Gensler departs, Coinbase may benefit from its ongoing legal issues with the SEC.
Other crypto stocks also experienced growth; Marathon Digital Holdings (MARA) rose over 18%, while Riot Blockchain (RIOT) and Cleanspark saw increases of approximately 20% during midday trading.
CoinShares CEO Jean-Marie Mognetti noted that the GOP's commitment to clear crypto regulations could significantly impact industry growth, positioning the U.S. for potential leadership in global crypto adoption.