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Gulf Press > Business > US-listed cryptocurrency stocks drop after surge driven by Trump – News
Business

US-listed cryptocurrency stocks drop after surge driven by Trump – News

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Last updated: 2024/07/30 at 2:49 AM
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Shares of New York-listed crypto companies saw a decline on Monday as bitcoin prices fell below the $70,000 mark for the first time since June. The sell-off erased earlier gains that were fueled by optimism following a pro-crypto speech by Republican presidential candidate Donald Trump. Stocks of popular crypto exchange Coinbase slipped by 1.5% after reaching a high of 5%, while miners like Bitfarms, Riot Platforms, and CleanSpark also experienced a dip of 2.2% to 4% after an initial rise.

Bitcoin, known for its volatility, often experiences sell-offs after reaching significant milestones as investors cash in on profits. Despite this, the industry welcomed Trump’s promise of more favorable regulations, with analysts from Bernstein suggesting that any “Trump trade” leading up to the election should include a greater allocation to bitcoin and related stocks. Trump, positioning himself as a pro-bitcoin candidate, has the potential to bring positive changes for the industry, which has faced regulatory hurdles under President Joe Biden’s administration.

SEC Chair Gary Gensler, known for his strict stance on crypto enforcement, has warned investors about the speculative nature and wild volatility of tokens like bitcoin. In response, Trump has pledged to replace Gensler on his first day in office and create a national stockpile of bitcoin using crypto currently held by the U.S. government following law enforcement actions. While some are cautious about this move, others see it as a significant step forward for bitcoin and the broader crypto industry as a whole.

Despite the potential changes in regulatory oversight, many remain optimistic about bitcoin’s future. CoinCorner CEO Danny Scott highlights a positive global sentiment towards bitcoin this year and believes that it sets the stage for the next bull run expected in the mid-2020s. Crypto has rapidly transitioned from a niche market to the mainstream financial world, largely due to institutional investors’ support and the approval of exchange-traded funds linked to cryptocurrencies like bitcoin and ether.

As the crypto market continues to evolve, investors are closely monitoring developments in regulatory policies and political support for the industry. The recent fluctuations in bitcoin prices and the subsequent impact on related stocks highlight the market’s sensitivity to external factors. With the upcoming election and the potential return of Trump, the crypto industry could face significant changes in the near future. It remains to be seen how these factors will shape the future of cryptocurrencies and their adoption on a global scale.

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News Room July 30, 2024
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