Traders were hopeful that with Republicans, who tend to support crypto, winning the White House, they might also secure a majority in Congress.
U.S. crypto stocks soared to close the day with massive gains, many reaching double digits, after Donald Trump’s sweeping presidential election victory and a new all-time high for Bitcoin.
Leading the surge, Coinbase Global—a major election cycle donor—saw a standout rise on Nov. 6, closing up 31.1% at $254.31, marking a 62.1% increase year-to-date, per Google Finance.
Robinhood Markets also spiked, ending the day up 19.6%, along with Bitcoin mining company MARA Holdings (formerly Marathon Digital). Bitcoin-focused MicroStrategy joined the rally, closing over 13% higher.
The Republican-majority Senate, set to take office in January, may pass the GOP-backed Financial Innovation and Technology for the 21st Century Act (FIT21), unless it gets approved in the current lame-duck session.
This bill aims to grant the Commodity Futures Trading Commission more authority over crypto regulation, though it stalled in the Senate banking committee after clearing the House in May.
Additionally, the GOP’s stablecoin regulation bill could re-emerge with a Republican-controlled House, as it stalled after passing the Financial Services Committee in July.
Bitcoin’s soaring price is also likely driving the recent stock price surge. According to TradingView, it kept setting new highs throughout the New York trading day, peaking at an all-time high of $76,509.56 on Coinbase just before the NYSE closed at 4 pm (9 pm UTC).
