Cryptocurrency stocks rise as Trump wins the U.S. presidency race

Cryptocurrency-related stocks rose in premarket trade as Donald Trump secured a win in the presidential race to become the 47th President of U.S. The stocks were also pulled up by Bitcoin's ( BTC-USD ) surge, as for the first time smashed past the $74K mark and ever so briefly surpassed the $75K barrier as well. BTC was up 7.6% to $74K, while dogecoin, leaped as much as 18% as at 9:24 am ET. It’s the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s most prominent supporters. The world's largest cryptocurrency has received a shot in the arm lately after Trump embraced it as part of his election campaign - a marked departure from President Joe Biden's current government which has cracked down on the sector. Trump's win should help improve regulatory clarity for digital assets, with the Securities and Exchange Commission (SEC) and Senate Banking Committee could become more crypto-friendly, CoinDesk reported citing a Bernstein research report. Trump had also made an appearance at the annual Bitcoin Conference in July, and has said he wanted to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." JD Vance, the vice president-elect, is also widely known to be friendly towards crypto. Crypto-related stocks include: MARA ( MARA ) +8.3% , MicroStrategy ( MSTR ) +11% , Riot Platforms ( RIOT ) +7.7% , Coinbase ( COIN ) +15.6% , Bit Digital ( BTBT ) +11.7% , CleanSpark ( CLSK ) +11.7% , HIVE Digital ( HIVE ) +13.2%. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion . More on cryptocurrency Optimal Crypto Allocation For Portfolios A Look Back At Crypto ETFs Bitcoin Bull Market Intact As Risk Increases Bitcoin climbs past $70K as investors gear up for U.S. presidential election