Bitcoin-related stocks soared before the market opened, with Coinbase (COIN.US) up more than 15%.

Market IntelMonday, Nov 11, 2024 9:30 am ET

1min read

Bitcoin-related stocks soared before the market opened on Monday, with Mara Holding (MARA.US) up over 16%, Canaan Technology (CAN.US) up over 16%, and Coinbase (COIN.US) up over 15% as of writing. The news was that Bitcoin broke above $82,000 during the day, setting a new record high. Investors believe that the record-setting performance of the world's largest cryptocurrency will continue as more pro-cryptocurrency candidates win in the U.S. election.

It is understood that President-elect Trump, who was elected as the president of the United States, promised during his campaign to make the U.S. "the global capital of cryptocurrency". His commitments to the crypto community include launching a national cryptocurrency reserve, which includes over $1.6 billion in Bitcoin that the U.S. government has accumulated through asset confiscation, and lowering interest rates. The easing of monetary policy is usually accompanied by a surge in cryptocurrency prices, as it makes borrowing cheaper.

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