Bitcoin: Trump’s promises are making crypto mining take off!

When Donald Trump miners BTC . The cryptocurrency market was rocked by explosive news this week. Shares of Bitcoin mining companies soared after US presidential candidate Donald Trump promised to support mining operations in the United States. Back to an almost presidential pump.

Donald Trump’s promises make the Bitcoin mining market take off

On June 12, Donald Trump said he wanted “all remaining Bitcoin to be produced in the United States!!!” adding that this would help the country become “ ENERGETICALLY DOMINANT “. Good. Either. The statement came shortly after a meeting with top mining industry executives during which Trump also promised to support the sector if elected in November.

Faced with such courtesy, the minors have reacted favorably to Trump’s promises. Shares of major Bitcoin mining companies soared by an average of 10%, with TeraWulf (WULF) and Hut 8 Mining (HUT) being the big winners with respective increases of 10.5% and 10.07%. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) also saw significant gains.

TeraWulf and CleanSpark (CLSK) were among the best performances of 2024, with respective increases of 66.96% and 58.55% since the start of the year. However, not all mining companies have benefited from this uptrend. Marathon Digital (MARA) has fallen 11.43% year-to-date, while Riot Platforms (RIOT) has seen its price decline by almost 31% in 2024.

The only China-based Bitcoin mining company among the top 20 by market capitalization, Canaan (CAN), saw its stock price fall on June 12, contrary to the general market trend.

What future for bitcoin mining in the USA?

Separately, at a June 11 meeting at Trump’s Mar-a-Lago resort, several industry executives, including Jason Les, CEO of Riot Platforms, and Matthew Schultz, executive chairman of CleanSpark, discussed the way in which the Bitcoin mining could strengthen the power grid and create jobs. Participants all reported positive experiences from their interaction with Trump.

While the price of Bitcoin itself rose just 1.4% to $68,365 in the past 24 hours, the impact of Trump’s statements on mining company stocks shows the importance of policy and regulation in cryptocurrency markets.

At the same time, President Joe Biden also appears to be reassessing his position on cryptocurrencies. Initially known for its strict regulations, the Biden administration recently began reaching out to key players in the digital asset industry for policy recommendations. Will the tide definitely turn for Bitcoin and cryptocurrencies in the USA? Case to follow on the Journal du Coin.

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