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In the pre-market on Monday, Coinbase and other Bitcoin mining firms saw their stock prices rally anywhere between 3.5-4.5%.
Stocks of the popular crypto firms that are popular on the Nasdaq and the New York Stock Exchange are seeing a strong buying interest in the pre-market hours on Monday, July 29. This development came as US leaders like Donald Trump made a strong pitch for Bitcoin and the crypto market during the Bitcoin Conference 2024 event last week.
Other leaders such as independent Presidential Candidate Robert F. Kennedy Jr. as well as Wyoming Senator Cynthia Lummis talked about Bitcoin as a strategic US reserve.
In the pre-market trading session today, July 29, Coinbase Global Inc (NASDAQ: COIN) share price surged by 3.84% jumping up to the $252 level. On the other hand, Bitcoin mining stocks such as Riot Platforms Inc (NASDAQ: RIOT), Bitfarms Ltd (TSE: BITF), and CleanSpark Inc (NASDAQ: CLSK) have surged anywhere between 3.5% to 4.5%.
Over the last month, the public-listed Bitcoin mining firms have outperformed BTC registering 30-40% gains on the monthly chart. During the same time, the Bitcoin price is up by 15%. Some market analysts believe that the Bitcoin mining firms will continue to outperform BTC in the coming months as well. Speaking on the current development, Bernstein analysts wrote in a note:
“The crypto market interprets a scenario of a Trump win as more positive for crypto, in view of the Biden administration’s strong regulatory crackdown on crypto and pro-bitcoin statements by Trump”.
US Elections Can Change the Course of Crypto Industry
Cryptocurrencies have taken center stage in the upcoming US Presidential elections. Under the Biden administration, crypto executives have complained of a hostile environment and excessive oversight.
On the other hand, SEC Chair Gary Gensler has defended his regulatory overwatch citing market manipulation issues and extreme volatility. Despite these odds, the crypto industry managed to bring spot Bitcoin and Ether ETFs this year.
Former President Donald Trump has vowed to protect the crypto industry. He made some key promises at the Bitcoin conference last week stating that he would fire Gary Gensler from the Day 1 in office. He also said that under his administration, Bitcoin could potentially become a strategic US reserve and that the US won’t sell any of the Bitcoins under possession.
The Republican candidate has previously stated that he aims to have all remaining Bitcoin mined within the United States. “The Goldilocks scenario for bitcoin mining is emerging,” Bernstein wrote.
