Bitcoin carves out fresh all-time high as crypto stocks take off

COIN, MARA, RIOT and MSTR were soaring in midday trading

November 6, 2024 03:11 pm

Nimoii/Shutterstock modified by Blockworks

Bitcoin carved out a fresh all-time high as crypto stocks took off following the outcome of the US presidential election on Wednesday.

President-elect Donald Trump was declared the winner in the wee hours of Wednesday morning, leading to a bump across crypto stocks that’s only gained momentum throughout the trading day.

Bitcoin topped $76,000, a new all-time high just hours after it carved out its last ATH.

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Shares of Coinbase were up 30% in midday trading to $253 a share as it inches up toward a 52-week high. COIN is roughly $34 from carving out a new 52-week high, up 187% in the last year.

The market enthusiasm can be boiled down to two things: Trump was largely seen as the pro-crypto candidate, who’s made multiple promises around crypto including a promise to remove Gary Gensler as chair of the SEC. Whether or not he has the ability to do so remains up in the air, as Blockworks’ Casey Wagner reported.

If Gensler steps down or is removed as the head of the SEC, Coinbase could benefit given its multi-year legal battle with the SEC.

But Coin’s not the only stock to see the overall euphoria throughout the crypto community. Bitcoin mining stocks, including Marathon and Riot, were up double digits.

MARA was up over 18%, while RIOT and Cleanspark were up roughly 20% in midday trading.

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“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” CoinShares CEO Jean-Marie Mognetti said.

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