Bitcoin, Coinbase, Robinhood Surge After Trump Victory

More crypto-friendly lawmakers elected as Republicans won control of Senate.

Cryptocurrencies and related equities broadly rallied on Wednesday, after Donald Trump won the U.S. presidential election and Republicans took control of the Senate.

Bitcoin hit all time high, jumping more than 8% to $75,450. Coinbase shares rose 33%, bringing the crypto exchange’s market capitalization to $64 billion. Robinhood shares surged 20%.

Trump has vowed to end the current administration’s crackdown on the crypto industry and remove SEC Chair Gary Gensler. The crypto industry also expects to gain more allies in the Congress, according to a tally by Stand With Crypto, an industry group, which could increase the chances of crypto-friendly legislation. Those include Bernie Moreno, a pro-crypto Republican who defeated Senator Sherrod Brown, the chair of the Senate Banking Committee and a crypto critic, in this week’s election. It’s not clear yet which party will take control of the House.