Originally published on: November 08, 2024
After Donald Trump’s recent election victory, Galaxy Digital’s stock soared by 25%, marking its biggest trading day of the year. According to a report by Benchmark fintech analyst Mark Palmer, this surge is a response to Trump’s pro-crypto stance, which signals further institutional adoption of cryptocurrencies in the future.
Palmer has revised his price target for GLXY shares to 29 CAD, up from the previous estimate of 19 CAD, citing the positive impact of Trump’s win on the crypto market. With Galaxy’s ongoing efforts to list on the Nasdaq exchange, the analyst believes that the incoming Trump Administration will be more favorable towards the move.
Furthermore, Galaxy’s flagship Helios data center in Texas is expected to see significant growth and monetization opportunities, especially with the rising demand from AI and HPC projects. The company is well-positioned to capitalize on the expanding digital landscape and power needs in these sectors.
The surge in US crypto stocks post-Trump’s election victory reflects the optimism surrounding a potential crypto-friendly policy environment under the new administration. Galaxy’s performance on election day indicates a robust trading activity and a positive outlook for the future.
Trump’s promise to make the US a crypto capital and Bitcoin superpower has resonated with market players, paving the way for potential growth and innovation in the cryptocurrency space. As the crypto market continues to evolve, Galaxy Digital is poised to benefit from these favorable dynamics and emerge as a leader in the digital asset industry.
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