COIN’s price moved past its previous high recorded in November 2021 as the crypto market has taken a new form after Trump’s win.
Coinbase, a household crypto exchange publicly listed in the US, is making news as its stock price has decided to outdo its previous high witnessed in 2021. COIN surged past the $300 mark on November 11, gaining over 20% that day.
The rally comes just days after Donald Trump won the 2024 US Presidential election, beating Kamala Harris in a landslide victory. The president-elect’s victory looks to be good news for numerous industries he backed during the campaign, and his party is known to back. This is being dubbed the “Trump Effect.”
Crypto is one of those industries. If not obvious yet, crypto prices took a sharp turn for the better the night before the election results rolled out, when polls revealed Trump would win. BTC hit its then all-time high (ATH) and is continuing to hit new ATHs as it is rallying tremendously. The asset has already surpassed the $88,000 mark and is close to $89,000 at the time of writing.
“We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC, with the firm actively fighting the agency in court,” Michael Miller, an equity analyst at Morningstar Inc., revealed. “With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the firm’s staking business will face less regulatory pressure.”
Trump and the Republicans Winning Could Mean Good Things for Crypto According to Coinbase CEO
Brian Armstrong, Coinbase founder and CEO, had already mentioned why Trump’s win was a boon for the industry in an X article on November 6. If he expected COIN stock prices to rise so quickly, is unknown. “Crypto got the full-throated support of the winning presidential candidate,” his article read. “The country fully repudiated the work of Senator Warren and Gary Gensler, who tried for years to unlawfully kill our industry.”
Trump has promised to be the “crypto president” and make the US the “crypto capital” of the planet. He has also made his plans to fire SEC chair Gary Gensler during his campaign cycle. The SEC chair has brought enforcement action after enforcement action to prevent crypto firms from operating and innovating in the US. Industry participants and executives have been vocal about his role in preventing crypto innovation—they have complained of him stifling the industry and not using his position to create frameworks that let firms know how they must operate.
Armstrong emphasized that the Democrats should support crypto with their “own values” if they want the crypto community to support them. “Crypto should be supported by both sides, as should any important new technology or industry that is driving American prosperity,” he mentioned. “What we won’t tolerate are politicians trying to unlawfully destroy our industry, or take the rights of our customers away.”
