Shares of Core Scientific, Inc. (CORZ), a leading cryptocurrency mining company, surged over 9% on Tuesday as Bitcoin prices spiked to a new all-time high following the U.S. midterm elections that registered a broad victory for the Republican party.
Bitcoin, the world's largest cryptocurrency, hit a record high of nearly $75,000 on Tuesday night, jumping over 9% in the last 24 hours. The rally was fueled by expectations of crypto-friendly policies from the incoming Republican administration and continued institutional demand for Bitcoin as a hedge against inflation and economic uncertainty.
Analysts had widely anticipated a Bitcoin price rally regardless of the election outcome, citing factors such as record debt levels, monetary expansion, and the success of spot Bitcoin ETFs. However, the prospect of a Republican sweep, which is generally seen as more favorable for the crypto industry, added further momentum to the rally.
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