Crypto Stocks, MicroStrategy, and Tesla Jump Post Trump’s 2024 Victory
Qadir AK7 Nov 20242 min read
Donald Trump’s victory in the 2024 U.S. presidential election has triggered a major rally in crypto stocks, with companies like MicroStrategy, Coinbase, Tesla, and leading Bitcoin mining firms seeing impressive double-digit gains. The election outcome, combined with expectations for crypto-friendly policies, has fueled new optimism across the sector.
But will this momentum continue? Over the next few weeks, we’ll find out if the crypto rally has lasting power or if caution will prevail. For now, let’s look at which stocks and assets gained the most from Trump’s win.
MicroStrategy and Coinbase See Major Gains
MicroStrategy, the largest corporate holder of Bitcoin, saw its stock skyrocket by over 13%, reaching $261 on November 6. The surge comes as investors anticipate regulatory clarity in the crypto market, which could pave the way for higher Bitcoin prices.
Similarly, Coinbase (COIN) experienced a significant rally, with its stock price climbing nearly 16%. This surge reflects growing investor confidence, particularly as the Republican Party, including several pro-crypto candidates, is expected to hold majorities in both the Senate and House. This political shift suggests a more crypto-friendly regulatory environment in the future.
Tesla’s Boost Tied to Trump’s “D.O.G.E” Initiative
Elon Musk’s Tesla (TSLA) saw its stock jump over 15% to $287.80. Part of this surge comes from Tesla’s support for Trump’s proposed Department of Government Efficiency (D.O.G.E), which is expected to play a key role in his administration. This alignment has fueled further positive momentum for Tesla.
Likewise, Trump Media & Technology Group (DJT) surged nearly 35% to $45.88, as Trump’s re-election suggests a supportive environment for both tech and crypto-related ventures.
Bitcoin Miners and ETFs Ride the Wave
Bitcoin mining stocks were also among the big winners. CleanSpark (CLSK) saw a 15% increase, while Marathon Digital (MARA) and Riot Platforms (RIOT) experienced gains of over 11% and 14%, respectively. The rally extended to Bitcoin ETFs, with BlackRock’s iShares Bitcoin ETF (IBIT) jumping more than 7%, indicating strong buying interest from investors looking to gain exposure to Bitcoin without directly holding the asset.
Celebrating Bitcoin’s New All-Time High
Bitcoin itself surged by 8%, reaching a record high of $75,361 following Trump’s victory. This jump reflects confidence that a pro-crypto administration could bring needed regulatory clarity, fueling further price gains. Trading volume also spiked by 150%, signaling heightened activity and interest from traders.
With Trump back in office, the crypto market is optimistic about favorable regulatory changes, potential interest rate adjustments, and a broader acceptance of Bitcoin and other digital assets. Investors are hopeful that pro-crypto policies will continue to influence the market positively in the years to come.
As 2025 approaches, the crypto industry stands at the edge of new milestones, with many investors ready to see history in the making.
Today’s gains are only the beginning; tomorrow may hold even more surprises.
