Market Trends Post-Election

Markets have continued to rise since Donald Trump won the U.S. presidential election, and Coinbase has become one of the standout performers over the past week.

The U.S. crypto exchange, trading under the ticker COIN, closed Monday's session up 19.7% at $324.24. That marks the highest closing value for the stock since November 19, 2021, according to Yahoo Finance. The stock's all-time closing high was earlier that month on November 9 at $357.39, which followed an all-time intraday high of $368.90.

> "Bitcoin mania taking over the stock market too, as Coinbase and Microstrategy are both in the Top 5 most traded stocks today—something I've never seen before. Only Tesla and Nvidia are surpassing them," remarked Bloomberg ETF analyst Eric Balchunas in a post on X. "Feels like a craze, at least for the moment."

Coinbase's stock is up 75% over the past five trading days after trading within a range of $150 to $280 for much of the year.

> "I think especially that promise to fire SEC Chair [Gary] Gensler on day one in office is why you're seeing stocks like Coinbase and Robinhood do so well," stated CNBC’s MacKenzie Sigalos. "Coinbase has been fighting the regulator for over a year in court. So, it may not materialize in an actual lawsuit with a change in leadership at the SEC."

On October 15, Coinbase requested a court to rule on obtaining documents from the U.S. Securities and Exchange Commission regarding how securities laws apply to crypto. The SEC indicated it would take three years to produce the documents Coinbase seeks.

Coinbase announced on October 30 that its board of directors had authorized a $1 billion share repurchase program. The crypto exchange finished the third quarter with $8.2 billion in USD resources, an increase of $417 million from the previous quarter.

> "DC received a clear message that being anti-crypto is a good way to end your career, as it doesn't align with the will of the voters, who are disenchanted by the current financial system and want change," commented CEO Brian Armstrong last week after the election.

Meanwhile, the GraniteShares 2x Long COIN Daily ETF (CONL) surged 39.4% to close at $67.81. This leveraged ETF uses financial derivatives and debt to amplify the daily returns of the underlying Coinbase shares. CONL has increased 182% in the past week alone.