Bitcoin Soars Above $70K as Election Nears, Crypto Stocks Surge
On Monday evening, Bitcoin surged briefly above $70,000, fueled by excitement around the upcoming U.S. election and an anticipated earnings report from MicroStrategy, the largest corporate Bitcoin holder. As a result, crypto-linked stocks like MicroStrategy and Coinbase also saw positive momentum. MicroStrategy shares gained nearly 9%, closing at their highest price since March, while Coinbase stock experienced a 5% increase.
Both companies are set to release new earnings reports this week, with market analysts increasingly optimistic that Bitcoin will surpass its March high of $73,797 by year’s end. This confidence is partly driven by the potential for U.S. Federal Reserve interest rate cuts following the presidential election, adding to Bitcoin's appeal as a hedge.