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Crypto-Related Investments Rise Due to Trump Victory and MicroStrategy Buy

Key insights

  • Cryptocurrency-related investments surged as excitement over Donald Trump's victory in the presidential election continued.
  • Bitcoin traded at another all-time high, surpassing $82,000.
  • MicroStrategy, the largest corporate holder of Bitcoin, announced that it just paid $2.03 billion to purchase an additional 27,200 Bitcoins.

The cryptocurrency euphoria that followed Donald Trump's victory in the US presidential election continued on Monday, with everything related to the digital currency industry continuing to move forward.

Bitcoin once again traded at an all-time high, surpassing $82,000. Dogecoin, a favorite of Trump adviser and Tesla (TSLA) CEO Elon Musk, rose 12%.

Shares of companies in the sector, including Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT) and Marathon Digital parent MARA Holdings (MARA), rose 11% or more.

Cryptocurrency exchange-traded funds (ETFs) such as iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC) also saw a surge.

Trump has said he wants to make the US the “crypto capital of the planet.”

The enthusiasm was fueled by Trump's previous statements about his support for cryptocurrencies, in which he once said he wanted the US to be “the crypto capital of the planet.”

Additionally, MicroStrategy (MSTR), the largest corporate holder of Bitcoin, announced that it purchased an additional 27,200 Bitcoin for $2.03 billion. Shares of MicroStrategy were recently up 16%.

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