Bitcoin, crypto stocks surge as Harris congratulates Trump

Crypto stocks rose sharply on November 6 after the US president supported the market’s bullish outlook and Donald Trump’s second-term victory.

While cryptocurrencies fell sharply heading into the election as betting odds showed Trump heading for victory, things got heated on Election Day. Bitcoin (BTC) rose above $75,000 before taking a breather.

The Trump trade, which is related to the belief that markets will crash if the Republican candidate wins, has engulfed not only the top coin but altcoins as well. Ethereum (ETH) climbed above $2,700, Solana (SOL) is targeting $190, and Dogecoin (DOGE) broke $0.20.

Meanwhile, shares of crypto-related companies, including Coinbase, MicroStrategy, and Riot, rose premarket and continued to rise during the U.S. trading session. This came after Vice President Kamala Harris called Trump to congratulate him. Harris was expected to give her concession speech later in the day.

At the time of this writing, Coinbase shares were up 30% to $253.58; This represented a 50% increase compared to last month and a 193% increase compared to last year.

MicroStrategy, the largest institutional owner of Bitcoin, has seen its shares rise nearly 13% on the day and 40% over the past 30 days. MSTR has outperformed most stocks, returning over 460% in the past year.

Other stocks that made notable gains included Bitcoin mining companies Marathon Digital, Riot Platforms, CleanSpark and Hut 8. Marathon (MARA) +19%, Riot (RIOT) +21%, CleanSpark (CLSK) +20% and Hut 8 ( HUT) +9% following positive quarterly results.

Crypto trading offering Robinhood also posted significant gains, while Block Inc. It was on the rise during the day. Robinhood (HOOD) has gained 20% so far and Block (SQ) is up more than 7%.