US-listed crypto stocks retreat following Trump-fueled spike
economictimes.indiatimes.comNew York-listed crypto firms fell on Monday as bitcoin dipped after breaching the $70,000-mark for the first time since mid-June.
The sell-off erased gains from earlier in the session, when optimism fueled by Republican presidential candidate Donald Trump's pro-crypto speech lifted stocks.
The volatile cryptocurrency has often seen pullbacks after reaching key milestones as investors book profits. The industry, however, cheered Trump's promise of friendlier regulation.
«Any 'Trump trade' into U.S election should include greater allocation to bitcoin and bitcoin-linked stocks,» Bernstein analysts wrote in a note.
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View Details» The former president has projected himself as the pro-bitcoin candidate ahead of the election in November. His return could be a huge win for the industry, which has often complained of excessive oversight and a hostile regulatory environment under President Joe Biden.
Still, Securities and Exchange Commission Chair Gary Gensler, the Biden administration's top cop for crypto enforcement, has cautioned investors about the wild
