The new Trump administration will offer a good backdrop for crypto-related stocks, according to Piper Sandler. Cryptocurrency-linked assets surged on Wednesday following Trump's victory. The president-elect has indicated his support for the industry, and more favorable regulations under a new administration could continue to send digital currencies like bitcoin to new all-time heights . On Wednesday, bitcoin rallied above $76,000 for the first time in history.
" Still, Moley's $30 price target on Robinhood is only a fraction above where the stock closed Thursday. Moley was also bullish on shares of CME Group , up 5% this year. While crypto is currently an "immaterial" part of CME's business — making up less than 1% of its revenue in the past 12 months — the company is the "premier venue for commercial & institutional users of crypto derivatives," the analyst wrote.