After Republican presidential candidate Donald Trump praised bitcoin and promised regulations that were more favorable to the sector, shares of cryptocurrency companies listed in New York rose before markets opened on Monday.

Coinbase shares soared 3.7%, while miners Bitfarms, Riot Platforms, and CleanSpark rose 3.4% to 4.5%. In a note, analysts at Bernstein noted that “the cryptocurrency market interprets the scenario of a Trump victory as more positive for cryptocurrencies, given the Biden administration's strong regulatory crackdown on cryptocurrencies and Trump's pro-bitcoin statements.” Cryptocurrency executives have often complained about excessive surveillance and a hostile regulatory environment under Joe Biden's presidency