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

US-listed cryptocurrency stocks experienced a significant surge in value following a speech by former US President Donald Trump in which he expressed support for bitcoin and pledged to implement more favorable regulations for the industry. Shares of cryptocurrency exchange Coinbase rose by 3.7%, while mining companies Bitfarms, Riot Platforms, and CleanSpark saw increases ranging from 3.4% to 4.5%. Analysts from Bernstein noted that the crypto market views a potential Trump victory as advantageous for the industry due to the Biden administration’s strict regulatory approach to cryptocurrencies. Crypto executives have criticized President Biden’s administration for its regulatory stance, but Securities and Exchange Commission Chair Gary Gensler has defended his view, citing the volatile and speculative nature of tokens like bitcoin. Despite the challenges, cryptocurrencies have become mainstream, attracting institutional investors and gaining approval for exchange-traded funds. Trump’s support could further accelerate the industry’s growth, as he proposed creating a national stockpile of bitcoin using crypto currently held by the US government. He has also previously expressed a desire for the remaining bitcoin to be mined within the United States. This optimistic scenario has led Bernstein to describe it as the “Goldilocks scenario for bitcoin mining.” The price of bitcoin also increased by up to 2.4%, reaching its highest level since mid-June.