Following Joe Biden's recent announcement regarding digital assets, the stock prices of some large companies have risen significantly. The President of the United States signed an order asking the executive branch to immediately create favorable and safe conditions for the conduct of activities by crypto companies. Against the backdrop of this message, the share price of some large financial corporations showed a solid "jump" up.
Thus, according to the TradingView analytical platform, the capitalization of the popular trading platform Coinbase grew by 10.5% at yesterday's market close. At the same time, shares of MicroStrategy, founded by crypto supporter Mike Saylor, increased in price by 6.7%.
Among other things, blockchain-related exchange-traded funds also showed an increase in value. After Biden's announcement, they have renewed their markets' trust in digital assets. So, for example, the ProShares Bitcoin Strategy ETF fund grew by 10%. An almost similar situation has developed around the Valkyrie Bitcoin Strategy ETF fund, its shares rose by 10.3%.
In this situation, companies specializing in the extraction of digital assets have benefited the most. Here it is worth citing the example of the mining giant Riot Blockchain Inc, whose shares rose by 11.2%. The US President's statement also had the most positive impact on Marathon Digital Holdings Inc. — the capitalization of the mining company increased by as much as 13.5%.
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According to Jefferies analysts, retail miners and large companies operating in this field will continue to benefit from the “nascent process of acceptance of cryptocurrencies.” Experts saw in Biden's behavior "understanding, willingness to support and develop the sphere of digital assets."
In conclusion, it is worth adding that not only representatives of the crypto community managed to respond to the speech of the American president, but also some high-ranking officials who, by the way, supported Biden's intentions.
“I am sure that the decree signed by the President will go down in history. Joe Biden has not only called on regulators to create a full-fledged regulatory framework, but he has also called on politicians and officials of all ranks for a coordinated and comprehensive approach to cryptocurrencies. There is no doubt that the development of the digital industry in the future will benefit everyone: retail consumers, big businesses, the country as a whole,” said US Treasury Secretary Janet Yellen.