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The crypto community is celebrating President-elect Donald Trump’s election victoryand so are crypto stocks. Bitcoin reached an all-time high Tuesday nightcrossing the $75,000 mark, and companies tied to the crypto, such as Coinbase, MicroStrategy, Marathon Digital, Riot Platforms, and Tesla, saw significant gains on Wednesday.
This year, individuals and groups linked to crypto companies donated millions to Trump’s campaignhoping that his presidency will bolster the fortunes of the crypto market. With his win, these companies are now cheering as their stock prices soar.
Coinbase soars 26% following Trump’s victory
Coinbase (COIN+31.31%
“We have a #Bitcoin President,” says MicroStrategy founder
Bitcoin advocate and MicroStrategy (MSTR+13.08%
Shares of crypto mining companies are skyrocketing
During his speech at the Bitcoin conference, Trump said Bitcoin “is the steel of the future,” and he wants it to be “mined, minted, and made” on American soil. He met with executives from prominent crypto mining firmslistening closely to their challenges and discussing ways to enhance the industry’s growth.
This pro-crypto stance has sent a surge of optimism through the industry, especially among major crypto mining companies like MARA Holdings Inc. (formerly Marathon Digital Holdings) (MARA+19.58%
Bitcoin-holder Tesla is among top performing stocks
Tesla (TSLA+14.37%
The electric vehicle firm’s CEO, Elon Musk, has become a close ally of Trump’s over the past several months, even spending election night with him at Trump’s Mar-a-Lago resort in Florida. Musk, who also leads several other firms, is poised to have some level of role or influence in the upcoming Trump administration, which could further help his companies.
— William Gavin contributed to this article