New York, July 29 (Reuters) — Shares of cryptocurrency firms listed in New York experienced notable gains on Monday following Republican presidential candidate Donald Trump’s endorsement of bitcoin and his promises for a more favorable regulatory environment for the industry.

Coinbase’s shares climbed by 3%, while cryptocurrency miners Bitfarms, Riot Platforms, and CleanSpark saw their stock prices rise between 4% and 5%. This uptick follows Trump’s recent statements projecting himself as a pro-bitcoin candidate and vowing to ease regulations that have been a concern for the crypto sector.

Trump’s position marks a sharp contrast to the current regulatory stance under President Joe Biden, whose administration has been criticized by the crypto community for its stringent oversight. Analysts have noted that any “Trump trade” leading up to the U.S. election should consider increased investments in bitcoin and related stocks.

The surge in cryptocurrency stocks reflects a broader trend of increasing institutional investment and the mainstream acceptance of digital assets. This year has seen growing positivity in the crypto market, with expectations of a potential bull run in 2024-25, according to industry experts.

CoinCorner CEO Danny Scott highlighted that global sentiment toward cryptocurrency has been robust, further fueling market optimism. In addition, bitcoin prices surged past $70,000 on Monday for the first time since mid-June, adding to the market’s buoyancy.

Trump’s comments included a pledge to fire Securities and Exchange Commission Chair Gary Gensler, who has been a prominent figure in enforcing crypto regulations. Trump also proposed creating a national “stockpile” of bitcoin using crypto assets seized in law enforcement actions and has expressed a desire to ensure that all remaining bitcoin is mined within the United States.

Despite the enthusiasm, the crypto market remains cautious. SEC Chair Gensler has warned investors about the volatility and speculative nature of cryptocurrencies, underscoring the need for careful consideration amid the rapidly evolving regulatory landscape.