Pro-crypto candidates win big as industry’s significant election bet pays off

Published On Nov 6, 2024, 3:52 PM

In recent elections, the cryptocurrency sector saw significant victories as over 250 pro-crypto candidates, including former President Trump, were elected. The industry had invested approximately $238 million to support candidates in key races, influencing outcomes across various states. As a result of these political successes, Bitcoin hit an all-time high of over $75,000, and shares of crypto-related companies, such as Coinbase and MicroStrategy, experienced double-digit gains. The article emphasizes that this pro-crypto shift in Congress could lead to a more favorable regulatory environment for the cryptocurrency industry.

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Stock Forecasts

COINView COIN chart on TradingView

Positive

With a significant number of pro-crypto candidates winning elections and the recent rise in Bitcoin prices post-election, there is likely to be a positive impact on cryptocurrency-related stocks and ETFs. The political landscape becomes more favorable for digital assets, which could lead to increased investments in the sector.

MSTRView MSTR chart on TradingView

Positive

As Trump positions the U.S. as a potential 'crypto capital' and if he follows through on promises to ease regulations that have created headwinds for crypto firms, the bullish sentiment may further drive prices up for related stocks. In particular, Coinbase, being a major player in the crypto exchange space, stands to benefit.

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