US-listed crypto stocks jump after Trump’s pro-bitcoin speech

US-listed crypto stocks surged following a speech by former US President Donald Trump in which he expressed support for bitcoin and promised more favorable regulations for the crypto industry. Coinbase’s shares rose by 3.7%, while Bitfarms, Riot Platforms, and CleanSpark saw gains ranging from 3.4% to 4.5%. Experts believe that the market perceives a Trump win as positive for cryptocurrencies in light of the Biden administration’s strict regulatory approach. Crypto executives have frequently criticized the current regulatory environment. However, SEC Chair Gary Gensler has defended the need for oversight, citing the volatile nature of cryptocurrencies. The growing mainstream acceptance of crypto, backed by institutional investors and the approval of bitcoin and ether-linked exchange-traded funds, has contributed to its rise. Trump’s announcement that his administration would create a national “stockpile” of bitcoin from seized assets further fueled optimism within the industry. He has also previously expressed a desire for all remaining bitcoin to be mined in the US. As a result, the prospects for Bitcoin mining in the country are seen as increasingly favorable. Additionally, Bitcoin itself experienced a 2.4% surge, reaching its highest level since mid-June.