30s Summary
U.S. crypto companies are experiencing a significant rise in share prices, following Bitcoin’s record-breaking value of over $75,000 and predictions that Donald Trump will win the presidential election. Companies like MicroStrategy and Riot Platforms saw a 12% increase, while Tokyo-based Metaplanet experienced a 24% rise. Semler Scientific and Tesla also witnessed increases in its share prices and experts predict Trump’s administration might potentially benefit the crypto industry regulation, marking the beginning of a bull run.
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Shares of US crypto companies are seeing impressive increases, with bitcoin smashing the record by reaching over $75,000. MicroStrategy, one of the biggest corporate Bitcoin holders, saw share prices jump by 12% in pre-market trading, edging closer to its record high. The share price surge of the crypto miner Riot Platforms matched this 12% increase.
This positive news was shared in the wake of predictions that Trump was in a good position to win the US presidential election – a prediction that was later confirmed. Bitcoin’s value saw a boost as a result, with indications that a Trump administration would be good news for the cryptocurrency industry as a whole.
Looking further afield, Tokyo-based Metaplanet, a company that is following Microstrategy’s lead in Bitcoin investment, saw an increase of 24%. Simon Gerovich, CEO of Metaplanet, stated that the company observed a record trading volume of 11.63 billion yen ($76 million). Another big winner was Semler Scientific, who saw a 30% increase in its share price after investing in Bitcoin.
Tesla, led by pro-crypto and Trump-supporting CEO Elon Musk, also saw a favourable 15% increase. With the uncertainty of the election results being taken into account, André Dragosch from Bitwise predicted that a Trump administration would likely lead to a beneficial regulation environment for the crypto industry which could help trigger a bull run.
Bitcoin has historically performed well after US elections, regardless of the outcome. It’s expected that Trump’s win will accelerate the uptake and normalization of crypto assets.