Originally published on: November 11, 2024
In a remarkable turn of events, the shares of leading cryptocurrency exchange Coinbase saw a staggering 20% surge on November 11, propelling the stock past the $300 mark for the first time since 2021.
The United States crypto market is experiencing significant gains following Donald Trump’s victory in the recent presidential election. Many experts believe that his win will be advantageous for the industry, as highlighted by Cointelegraph Research.
According to Michale Miller, an equities researcher at Morningstar Inc., Coinbase is poised to benefit from the election results. The firm has been grappling with regulatory challenges from the SEC, but the anticipated pro-crypto stance of the incoming administration under Donald Trump could alleviate some of this pressure.
The positive outlook for cryptocurrency regulation is expected to provide a boost to Coinbase’s staking business and contribute to the upward trend in cryptocurrency prices.
Coinbase’s CEO, Brian Armstrong, expressed his enthusiasm for the future of the industry, stating that the victory of the winning presidential candidate signifies strong support for crypto. He emphasized the potential for a more favorable regulatory environment that could drive growth and innovation in the sector.
In its latest financial report, Coinbase revealed impressive revenue of $1.2 billion in the third quarter of 2024, with a profit of $75 million. The company remains focused on expanding its network capabilities to accommodate a larger user base, with initiatives such as integrating stablecoins and advancing the Base network.
The positive sentiment towards cryptocurrencies was further validated by Galaxy Digital, another prominent trading firm, which experienced its busiest trading day of the year following Trump’s victory. CEO Michael Novogratz expressed his satisfaction with the market’s response, viewing it as a validation of the company’s efforts in the crypto space.
As the industry continues to evolve in the wake of recent political developments, investors and traders are closely monitoring the opportunities that lie ahead. Stay informed and stay ahead of the curve by subscribing to the Markets Outlook newsletter for expert insights and analysis delivered every Monday. Subscribe now to refine your trading strategies and capitalize on emerging trends.
