Originally published on: November 11, 2024
In a significant move, the stocks of cryptocurrency exchange Coinbase surged by over 20% on November 11, surpassing the milestone of $300 for the first time since 2021. This surge comes after Donald Trump’s recent victory in the presidential election, with many predicting favorable outcomes for the cryptocurrency industry in the United States.
According to Cointelegraph Research, the victory of Donald Trump is expected to benefit the crypto industry, providing relief from regulatory pressures faced by companies like Coinbase. Analysts believe that the incoming administration will take a more supportive stance towards the cryptocurrency sector, particularly easing regulatory constraints on businesses like Coinbase’s staking operations.
Brian Armstrong, the CEO of Coinbase, expressed his optimism for the future of cryptocurrency under the new administration. He highlighted the overwhelming support received from the winning candidate and the potential for a more pro-crypto Congress in the coming term. These developments have contributed to a positive outlook for the industry, reflected in the recent surge in Coinbase’s stock value.
Coinbase reported impressive financial results in the third quarter of 2024, with revenue reaching $1.2 billion and profits of $75 million. The company is focused on expanding its reach and enhancing its services to onboard more users onto the blockchain. Key initiatives, such as integrating stablecoins and growing the Base network, are paving the way for increased adoption of cryptocurrency among the masses.
In parallel, other players in the cryptocurrency trading space, like Galaxy Digital, experienced a surge in trading activity following Trump’s victory. The CEO of Galaxy Digital, Michael Novogratz, expressed his satisfaction with the positive market response, indicating a bright future for the industry.
Overall, the cryptocurrency industry is poised for growth and development under the new administration, with companies like Coinbase leading the way towards broader adoption and acceptance of digital currencies.
Join the Markets Outlook newsletter for more insights into investment opportunities and market trends. Stay informed and ahead of the curve with critical analysis delivered every Monday. Subscribe now and be part of the evolving landscape of cryptocurrency and trading. By subscribing, you agree to ourTerms of Services and Privacy Policy.
