Biden vs Trump
On the night of Friday, June 28, 2024, the first televised debate took place between incumbent President Joseph Biden and the previous occupant of the Oval Office, Donald Trump.
It’s too early to say who will win in November, but the first round of verbal battles was left to Trump, who promises help to participants in the crypto market. According to the results of voting on CNN, the advantage of the former president over the current
expressed in a ratio of 67% to 33%.
Bitcoin reacted weakly to the results, falling 2.12% on Friday. But what about the stocks of companies that hold, mine, or accept Bitcoin as a means of payment? Let’s look at the top 10 such organizations, ranked by market capitalization.
Phoenix Group (PHX:ADX)
The top ten is opened by the mining company from the United Arab Emirates Phoenix Group. Its market capitalization is currently $2.86 billion. The stocks have been showing negative dynamics for the last month. From the maximums of May 27, the shares have fallen by more than 13%. The Arab miner was indifferent to the debates in the US. During trading on Friday, June 28, the shares rose by 0.58%.
Source: tradingview.com
CleanSpark (NASDAQ:CLSK)
In ninth place is the American mining company CleanSpark, which is trying to show its concern for the environment. The market capitalization at the end of June was $3.63 billion. For more than four months, shares have been in a wide range between $14.18 and $24.72. The last ten days have been dominated by bears, which is why the securities have fallen by more than 22%. The debate that took place on Friday night did not add anything positive. Shares lost 0.62% after the verbal battle between Trump and Biden.
Source: tradingview.com
Galaxy Digital Holdings (TSX:GLXY)
Eighth place goes to Galaxy Digital Holdings. The company’s capitalization = $4.23 billion. This is the first not entirely pure miner in the top. The company’s activities cover asset management, consulting, and trading. In June, the company’s shares were on a roll. The price rose and fell. However, the general trend since mid-April is an upward trend and an increase of more than 43%. But the debates of the candidates for the American president caused pessimism among Galaxy Digital investors. Otherwise, how can you explain the 5.56% drop in shares?
Source: tradingview.com
Marathon Digital Holdings (NASDAQ: MARA)
American miner Marathon Digital Holdings operates on three continents at once and ranks seventh. The market capitalization of this company is $5.61 billion. Recently, the growth of MARA shares has stalled a little. However, if we analyze the situation since mid-April, the trend is clearly upward – growth of more than 40%. The debate had a moderately positive effect on Marathon Digital shares. On Friday, April 28, the growth was 0.97%.
Source: tradingview.com
MicroStrategy (NASDAQ:MSTR)
Sixth place belongs to one of the largest Bitcoin holders – MicroStrategy. The company’s market capitalization is $24.43 billion. Since the end of May 2024, the shares have been adjusted. By the end of June they had lost more than 20% of their value. Biden and Trump only added fuel to the fire. On Friday, June 28, MSTR shares plummeted by 9.7%. Such a drawdown has not occurred since April 30, when MicroStrategy lost more than 17.5% in a day.
Source: tradingview.com
Grayscale Bitcoin Trust (NYSE: GBTC)
The first in the top 5 is the spot bitcoin ETF Grayscale Bitcoin Trust. In the second half of June, cryptocurrency exchange-traded funds had a period when the outflow of funds was observed for a whole week. However, this series was later interrupted. But this does not apply to GBTC. Here, the outflow of funds is almost constant, at least in recent months. Since March, GBTC has been in a sideways trend between $ 65.61 and $ 51.83. But June in particular has not been very successful for the fund’s shares (units). Losses amount to more than 11%. And the Grayscale fund responded to the candidate debates with a 2.35% drop.
Source: tradingview.com
Block (NYSE: SQ)
In fourth place is a fintech company focused on payments – Block (formerly Square) with a market capitalization of $39.79 billion. It also conducts operations in cryptocurrency. Which, by the way, were subject to inspection by the prosecutor’s office in May
on suspicion in aiding terrorists. The stock has been in a downward trend since March, having lost about 30%. Only in the last ten days has the situation changed somewhat, and Block shares have risen by 6%. After the first American debates of the year, the SQ ticker added 1.74%.
Source: tradingview.com
Coinbase (NASDAQ: COIN)
The top three is opened by one of the largest crypto exchanges Coinbase. Capitalization of this American company = $54.57 billion. Recently, the exchange has been involved in legal disputes with regulators. Perhaps this is what accounts for the 15% drop over the past 20 days. The debate was routine for Coinbase, with shares down 0.79% on Friday.
Source: tradingview.com
PayPal (NASDAQ: PYPL)
The second place is occupied by the PayPal payment system. The company provides services for cryptocurrency transactions, and it also has its own stablecoin – PayPal USD (PYUSD). Capitalization is $60.7 billion. The shares have not been feeling their best lately. Since June 7, they have fallen by 15%. The debates between the US presidential candidates did not have much impact on the dynamics. On Friday, June 28, PayPal shares fell by 0.58%.
Source: tradingview.com
Tesla (NASDAQ:TSLA)
At the top is the American giant Tesla with a capitalization of $631.07 billion. This company is known not only for producing electric cars, but also for investing in Bitcoin. After a long correction that began in July 2023, Tesla shares finally began to grow. Since April, they have added 42%, 18% of which came in the second half of June. The debate had a modest impact on the dynamics: on Friday, the shares rose by only 0.23%.
Source: tradingview.com
Conclusion
Bitcoin, which has been falling lately, has also pulled with it the shares of crypto companies, which for the most part were either flat or falling. The only thing that stands out qualitatively here is the Bitcoin fund operator Galaxy Digital, which has been growing since April. As for the debates, they generated mostly neutral-negative dynamics. The papers that stood out, again, were Galaxy Digital, which fell by almost 10% after the debate between Trump and Biden.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
