US
crypto
stocks
started
the
week
on
a
high
note
after
Bitcoin
reversed
weeks
of
negative
performance
by
trading
near
$63,000
today.
This
boost
followed
a
strong
weekend
for
the
top
crypto
asset,
driven
by
news
of
the
assassination
attempt
of
pro-Bitcoin
candidate
former
President
Trump.
Yahoo
Finance
data
showed
notable
gains
for
leading
crypto
companies
during
pre-market
trading.
Coinbase,
MicroStrategy,
and
publicly
traded
mining
companies
like
Marathon
Digital,
Riot
Platforms,
Hive
Digital,
Canaan,
and
Hut
8
saw
significant
price
increases.
Coinbase,
the
largest
US-based
crypto
exchange,
reported
a
5.22%
rise
in
its
COIN
stock.
MicroStrategy,
the
largest
public
Bitcoin
holding
company
with
over
210,000
BTC,
saw
its
MSTR
stock
climb
by
8%.
Additionally,
publicly-traded
Bitcoin
mining
companies,
including
Marathon
Digital,
Riot
Platforms,
and
Bit
Digital,
experienced
more
than
7%
pre-market
gains.
Why
are
the
stocks
rising?
Market
observers
have
linked
the
rise
in
crypto-related
stock
prices
to
the
strong
performance
of
the
broader
crypto
market
during
the
reporting
period.
Data
from
CryptoSlate
shows
that
major
digital
assets,
including
Bitcoin,
Ethereum,
BNB,
and
XRP,
have
all
posted
gains
of
more
than
5%.
Singapore-based
crypto
trading
firm
QCP
explained
that
the
market
was
pricing
in
a
Donald
Trump
win
in
the
impending
November
elections.
It
stated:
“This
whole
move
seems
to
be
caused
by
the
market
pricing
in
a
Trump
win
at
the
coming
election
(similar
to
Reagan
after
a
failed
assassination
attempt
in
1981)
and
this
is
positive
for
crypto
prices
because
of
his
overtly
pro-crypto
stance.”
Blockchain
intelligence
platform
Santiment
corroborated
this
view,
adding
that
a
bullish
bias
is
now
visible
around
the
presumptive
Republican
candidate.
Santiment
added:
“As
we
near
elections
this
fall,
the
cryptocurrency
community
has
generally
shown
bullish
responses
toward
pro-Trump
news,
due
to
his
recent
pro-crypto
comments.
It
goes
without
saying
that
surviving
an
assassination
attempt
is
perceived
as
pro-Trump
news.
Therefore,
bullish
responses
have
occurred
as
a
result.”
Mentioned
in
this
article
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Author: Oluwapelumi Adejumo
