The cryptocurrency exchange was one of the big winners in the November 5th US election.
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Cryptocurrency exchange Coinbase (COIN) stock price soared more than 20% on November 11, topping $300 for the first time since 2021.
According to Cointelegraph Research, US crypto stocks have seen a significant rally following Donald Trump's victory in the presidential election, with many believing his victory will benefit the industry. It is said that there is.
“We see Coinbase benefiting from the election results as it struggles with regulatory pressure from the SEC and is actively challenging the SEC in court,” Morningstar said. equity researcher Michelle Miller said in a November article. .7 study notes.
“The incoming Donald Trump administration is expected to be more favorable to the crypto industry, and the company's staking business will be subject to less regulatory pressure,” Miller said.
“Although not directly, a more lenient approach towards cryptocurrencies is likely to provide a tailwind to crypto prices.”
Source: Google Finance
“Cryptocurrency has received the full support of a winning presidential candidate,” Coinbase CEO Brian Armstrong said in a Nov. 6 article on the X Platform.
“Our nation has completely rejected the efforts of Senators Warren and Gary Gensler to illegally destroy our industry for years,” Armstrong said. “The next Congress will This will be the most crypto-friendly Congress ever.”
On October 30, Coinbase reported third-quarter 2024 revenue of $1.2 billion and profit of $75 million.
According to an Oct. 30 letter to shareholders, Coinbase is focused on “some of the building blocks currently in place to bring 1 billion users on-chain.”
“In the third quarter, we made significant progress in advancing some of these building blocks; in particular, we integrated stablecoins across our product suite and expanded our base network,” the letter said. mentioned with reference to the base Layer 2 scaling network.
Another cryptocurrency trading firm, Galaxy Digital, had its biggest trading day of the year on November 5, as President Trump's victory sparked interest in cryptocurrencies.
“Our franchise was fully operational, including trading with domestic and international counterparties, lending and derivatives desks,” Galaxy CEO Michael Novogratz told Bloomberg.
“It felt like an affirmation of everything we've been working on,” Novogratz said.
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