Crypto-related stocks climbed in pre-market session as Bitcoin surged past $70,000 — a level the asset hadn’t reached since June.
Bitcoin last traded around $71,073, marking a 4% jump on the day. Despite this gain, it has yet to reach its record peak of $73,737. As price soared, it inevitably had a ripple effect across the market. Consequently, crypto exchange Coinbase saw its shares rise 4%, MicroStrategy climbed 5%.
“This time, the trend is more bullish, as the market has been in an uptrend since early September,” he said.
Alex Kuptsikevich, the lead market analyst at FxPro, commented that the current market prices are the highest they’ve been since the end of July. Previously, when the market hit these price points, it paused and subsequently declined.
Over the last six days, these ETFs have seen a record $2.4b inflow since their inception in Jan. 2024, signaling strong market support.
Bitget Research’s chief analyst Ryan Lee said the recent spike in Bitcoin’s price can be largely attributed to increased demand for spot Bitcoin ETFs.
“Both candidates have expressed a commitment to providing clearer regulatory frameworks for digital assets, and Trump, in particular, has actively sought support from the crypto community,” Lee said.
Additionally, the upcoming US presidential election has added another layer of influence. With both major candidates hinting at more favorable regulations for cryptocurrencies, the market is hopeful for a clearer legal framework, which could further legitimize and stabilize digital assets.