Bitcoin
Several US crypto stocks surge amid Bitcoin ‘pump’
US crypto stocks start the week higher after Bitcoin reverses weeks of negative performance trading near $63,000 today.
This surge came after a strong weekend for the leading crypto asset, driven by news of the attempted murder from pro-Bitcoin candidate, former President Trump.
Data from Yahoo Finance showed notable gains for major cryptocurrency companies during pre-market trading. Coinbase, MicroStrategy, and publicly traded mining companies like Digital MarathonRiot Platforms, Hive Digital, Canaan, and Hut 8 have all seen significant price increases.
Coinbasethe largest cryptocurrency exchange in the US, reported a 5.22% increase in its COIN shares. Microstrategythe largest public Bitcoin holding with over 210,000 BTC, saw its MSTR shares rise 8%.
Additionally, publicly traded Bitcoin mining companies including Marathon Digital, Riot platformsand Bit Digital, had gains of more than 7% before the market.
Why are stocks rising?
Market observers linked the rise in cryptocurrency-related stock prices to the strong performance of the broader cryptocurrency market during the reporting period.
Data from CryptoSlate shows that major digital assets including Bitcoin, Ethereum, BNB, and XRP have seen gains of over 5%.
Singapore-based cryptocurrency trading firm QCP explained that the market was pricing in a Donald Trump victory in the impending November election. stated:
“This whole move appears to be caused by the market pricing in a Trump victory in the upcoming election (similar to Reagan after a failed assassination attempt in 1981) and this is positive for cryptocurrency prices because of his openly pro-crypto stance.”
Blockchain intelligence platform Santiment corroborated this view, adding that a bullish bias is now visible around the likely Republican nominee.
Sanctification added:
“As we approach the election this fall, the crypto community has been showing bullish responses to pro-Trump news, given his recent pro-crypto comments. Needless to say, surviving an assassination attempt is perceived as pro-Trump news. So, bullish responses have occurred as a result.”