The stock market witnessed a noticeable surge in Bitcoin mining companies following a significant endorsement from Donald Trump. The former president and current presidential candidate promised to bolster the industry if re-elected. His advocacy for domestic Bitcoin production aims to make the U.S. a leader in energy production and cryptocurrency mining.
Bitcoin miners rise 10% after Trump promises to back US miners https://t.co/gBMWS6oeFx
— D Ecosystem (@d_ecosystem) June 13, 2024
In a statement on June 12, Trump expressed his wish for the U.S. to produce all remaining Bitcoin to enhance national energy dominance. This announcement came after a productive meeting with leading figures in the mining sector, signaling a robust support system for the industry under his potential Presidency.
Market Reaction and Financial Implications
Following Trump’s commitment, shares of major mining firms like TeraWulf and Hut 8 Mining saw impressive gains of 10.5% and 10.07%, respectively. Significant players such as Core Scientific, Iris Energy, and Cipher Mining also increased substantially, showcasing investor confidence in Trump’s industry promises.
Despite these gains, not all were positive, as Canaan, a China-based miner, experienced a decrease in share value. Overall, the sector’s collective market cap jumped to $26.4 billion, reflecting a bullish sentiment among investors.
Political Influence and Crypto Community’s Response
Trump’s pro-cryptocurrency stance has resonated within the crypto community, particularly evident in a survey by Paradigm, which showed strong support for Trump in the upcoming 2024 election among crypto owners. Furthermore, reports indicate that cryptocurrency owners in California could significantly impact the presidential race, given their growing numbers and political engagement.
On a broader scale, Trump has consistently pushed for the U.S. to lead in the crypto industry, seeing it as key for the nation’s wealth and tech advancement. His recent declarations reinforce his vision of integrating cryptocurrency into America’s economic and energy strategy, aiming for greater independence and innovation.
Biden Accepts Crypto Donations Following Trump
Following Donald Trump’s lead, the Biden administration is considering the acceptance of cryptocurrency donations through Coinbase Commerce, according to insiders. This platform, which facilitates the acceptance of various cryptocurrencies, is already being used by Donald Trump’s campaign to receive crypto donations.
BREAKING: 🇺🇸 Joe Biden’s campaign in talks to accept #Bitcoin and crypto donations – The Block
Trump is already accepting cryptocurrency donations. pic.twitter.com/6XPM73YIcy
— Radar🚨 (@RadarHits) June 13, 2024
The interplay between cryptocurrency advocacy and regulatory considerations remains crucial as the political debate continues. The crypto sector’s future, particularly in mining, hangs on the balance of electoral outcomes and policy decisions, making the next election pivotal for the industry’s direction in the United States.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
