These are top 4 crypto stocks to watch as Bitcoin rallies on Trump win

The cryptocurrency market has roared back to life following the recent U.S. presidential election, with Bitcoin reaching new highs. 

Piper Sandler’s latest insights hint that President-elect Donald Trump’s warm take on crypto triggered a surge in investor optimism through the market, with Bitcoin soaring almost 9% overnight. 

Analysts believe the election outcome could be a tipping point that opens the door to wider acceptance of crypto in mainstream finance. 4 crypto stocks to monitor

Piper Sandler’s report spotlighted four stocks poised to gain from this momentum: Robinhood (NASDAQ:HOOD ), Coinbase (NASDAQ:COIN ), Virtu Financial (NASDAQ:VIRT ), and CME Group (NASDAQ:CME ).

Robinhood relies heavily on crypto for its revenue, with 15 cryptocurrencies currently available on the platform. If regulatory clarity improves, the no-fee app could expand this lineup and roll out new features like staking and lending. 

Robinhood stands out at Piper Sandler with an "Overweight" rating and a price target of $30.

Coinbase, on the other hand, holds a more cautious "Neutral" rating, with a price target of $245. America’s largest crypto native platform stands to benefit as well, though it faces unique challenges. 

While the current wave of optimism is likely to boost Coinbase’s stock in the short term, long-term concerns remain around regulatory scrutiny. Many of the tokens Coinbase lists are still in legal gray areas, Piper Sandler said.

Virtu Financial is also getting into the crypto action as an authorized participant for all publicly traded Bitcoin and Ether ETFs. The company was rated "Overweight" with a price target of $35. 

Analysts at Piper Sandler see a bright future for Virtu, especially if options on these ETFs come into play, offering a fresh revenue stream.

Meanwhile, CME Group could benefit if it chooses to roll out more crypto contracts. Although crypto trading makes up a small portion of CME’s business, its infrastructure and expertise in derivatives give it a unique edge as the crypto market grows. 

The mega bourse operator garnered an "Overweight" rating and a $250 price target. Crypto legislation under Trump

Reflecting on potential legislative action, Prashant Maurya, Co-Founder & CEO at Spheron Network, told Investing.com that "crypto legislation is going to be the first priority," especially given the support shown to former President Trump during his campaign. 

“Beyond the support, when mainstream media was predicting a Harris victory, it was the crypto community which was predicting Trump winning. It is high time that the USA take a lead on creating a legislative framework which many others will follow to become the global leader in implementing proper legislation,” he stated.

Daniel Cawrey from Tonkeeper also expects a “hands-off approach to crypto during the Trump administration” if he returns to office. 

Cawrey pointed to the Trump administration’s historical avoidance of bureaucratic intervention, which he believes sends a “positive signal for the crypto industry as a whole.”

“What I am sure of is that there's going to be a hands-off approach to crypto during the Trump administration. We've got a track record here. During Trump's turn last time, his administration simply avoided bureaucracy. That's more than enough of a positive signal for the crypto industry as a whole,” Cawrey said to Investing.com today.

Source: Investing.com