Bitcoin (BTCUSD) saw a notable increase on Monday, climbing approximately 6% to near $66,000, which in turn lifted shares of companies linked to the cryptocurrency, including Coinbase Global (COIN).
According to CoinDesk data, Bitcoin’s rise positively impacted stocks of major players in the crypto space, with Coinbase shares up about 9%. Other companies like MicroStrategy (MSTR), a significant holder of Bitcoin, and crypto mining firm Marathon Digital (MARA) also experienced gains.
This surge in Bitcoin prices coincided with a broader uptick in the markets, particularly the tech-focused Nasdaq Composite, which also saw gains at the beginning of the week. While Bitcoin trades around recent highs, it remains slightly below its peak values recorded earlier in 2024.
The positive momentum follows a recent policy statement from Vice President Kamala Harris, the Democratic presidential nominee, in which she expressed support for “a regulatory framework for cryptocurrency and other digital assets.” This statement, coupled with previous remarks from former President Donald Trump—her Republican opponent—suggests a potential shift towards a more crypto-friendly regulatory environment, regardless of the election outcome. Trump has also been active on social media, promoting the upcoming sale of a crypto token.
Coinbase is scheduled to release its latest quarterly earnings report at the end of the month, and investors are keenly anticipating how the performance of Bitcoin and the overall market will influence the exchange’s financial results.
Related Topics:
