Cryptos Rally On Historic Political Sea Change, These Micro Caps Are Going Along For The Ride

Yolowire 6-Nov-2024 11:11 AM

The price of %Bitcoin (CRYPTO: BTC) surged on Wednesday as investors bet that newly elected President Donald Trump’s victory in the U.S. presidential election will be a windfall for %Cryptocurrencies.

Bitcoin leaped nearly 8% in early-morning trading, briefly climbing above $75,000 before pulling back a bit at last glance. This upward move was enough to smash Bitcoin’s previous record set in March. Other cryptocurrencies also rallied, including Ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.

In the past, Trump was a crypto skeptic but reversed course on the lead up to the election taking a more favorable view of cryptocurrencies, and even vowing to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.

Not surprisingly, shares of crypto miners %Bitfarms Ltd. (NASDAQ:BITF) (TSX:BITF) and %BitDigital, Inc. (NASDAQ:BTBT) are roaring on the back of this massive catalyst with both stocks up over 13% in early-morning trading.

With crypto enjoying massive tail winds with the election of Donald Trump, these two crypto mining stocks could be beneficiaries of this political sea change.