Whether we like it or not, politics plays into how the stock market performs. The differences in economic policy platforms provided by President Joe Biden and Republican nominee former President Donald Trump are vast. But for certain sectors in particular, these differences may lead to more notably improved outcomes. Coinbase (NASDAQ:COIN) stock, for example, is seeing significant outsized upside today following the assassination attempt on Trump, with COIN stock surging more than 10%.
Any double-digit move in a given stock is noteworthy and worth diving into. But when we’re talking about a company with a market capitalization of nearly $60 billion, such a move is especially worth looking at.
Let’s take a look at why COIN is surging today on the heels of some increasingly bullish news for the Trump campaign around polling data.
COIN Stock Surges as Crypto Sector Regains Momentum
Of the two candidates who are likely to be on the ballot in November, Trump’s stated stance on the crypto sector is much more bullish for investors. Accordingly, as Trump’s chances of re-election rise, so too do the hopes of crypto investors.
Today’s move in COIN and other crypto-related stocks appears to be tied directly to expectations that Trump will be the likely winner of the upcoming election. Previous comments tied to crypto regulation and legitimization are once again front and center for investors looking for the next catalyst higher in this space.
Trump himself has already looked to appease crypto investors by accepting donations in various top cryptos. His view is that this space is tied to innovation more than it is to scams. For those anticipating higher trading volumes alongside favorable regulatory frameworks for the crypto sector, that’s a good thing.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
