Argo Blockchain shares experienced significant growth on the London stock market.
- Bitcoin prices saw an increase exceeding 7%, connected to Trump’s potential victory.
- Trump’s crypto-friendly stance is influencing digital currency markets.
- The election results have sparked optimism for deregulation in the crypto sector.
- London’s main index rose by 1.4% as the pound weakened against the dollar.
Argo Blockchain shares have seen a remarkable rise, increasing as much as 17% to 11p in early trading on the London market. This movement is part of a broader trend affecting crypto businesses following the anticipation of Donald Trump’s victory in the US presidential election.
Bitcoin prices rose by over 7% on the same day, driven by speculation of a Republican win. This reaction is linked to Trump’s reputation as a proponent of cryptocurrency, having pledged to position the US as a leader in the cryptocurrency sector and announcing plans for a new digital currency platform, World Liberty Financial.
Market analysts have observed that Bitcoin’s value has closely tracked Trump’s standing in opinion polls. AJ Bell’s Russ Mould noted, “The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” reflecting a belief that a Republican administration could spur demand for cryptocurrencies.
The recent escalation in crypto prices comes after a tumultuous period during Biden’s presidency, when Bitcoin’s value dropped significantly to $17,000 by the end of 2022 due to high-profile collapses in the crypto industry such as FTX and Three Arrows Capital. Despite a subsequent recovery, the market has been challenged by regulatory pressures from US securities agencies.
Investors are now hopeful that a Trump administration might ease these regulatory constraints. OKX Chief Commercial Officer Lennix Lai commented, “Today’s all-time high, driven by a likely Trump election win, signals a potential shift into the next phase of growth for crypto.”
In line with crypto movements, shares of companies involved in marijuana products have also surged, anticipating policy changes from Trump’s proposed legal reforms. Similarly, the main London index has seen growth, partly due to the currency’s devaluation.
The anticipation of a Trump presidency has injected fresh enthusiasm into the crypto market, driving significant gains across various sectors.
