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Crypto exchange Coinbase's shares climbed 3.7%, while miners
Bitfarms, Riot Platforms and CleanSpark were up between 3.4% and
4.5%.
"The crypto market interprets a scenario of a Trump win as more
positive for crypto, in view of the Biden administration's
strong regulatory crackdown on crypto and pro-bitcoin statements
by Trump," Bernstein analysts wrote in a note.
Crypto executives have often complained of excessive oversight
and a hostile regulatory environment under President Joe Biden.
But the Securities and Exchange Commission Chair Gary Gensler,
the administration's top cop for crypto enforcement, has
defended his view of the industry, citing the wild volatility
and speculative nature of tokens like bitcoin.
Still, crypto has rapidly moved from the fringes of the
financial world to the mainstream, helped by institutional
investors' backing and the approval of exchange-traded funds
tied to spot price of bitcoin and ether.
A Trump win could boost the industry further. On Saturday, he
said his administration would create a national "stockpile" of
bitcoin using the crypto the U.S. government currently holds
that was largely seized in law enforcement actions.
The Republican candidate has also said previously that he wants
all the remaining bitcoin to be mined in the United States.
"The Goldilocks scenario for bitcoin mining is emerging,"
Bernstein wrote.
Bitcoin also jumped as much as 2.4% to its highest since
mid-June.
(Reporting by Niket Nishant in Bengaluru; Editing by Maju
Samuel)
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