Crypto Stocks MicroStrategy and Coinbase Surge as Bitcoin Recovers to $67,000

Cryptocurrency stocks experienced an uptick in premarket trading on Friday, buoyed by the significant rise in Bitcoin (BTC).

The leading cryptocurrency surged over 4.7% in the past day, reaching a price of $67,346.00 as of 09:49 GMT. This increase allowed BTC to partially recover from earlier losses this week, as the crypto market turned its attention to former President Donald Trump’s upcoming speech at the Bitcoin Conference this weekend.

The optimistic market sentiment extended to crypto-related stocks, with MicroStrategy and Marathon Digital Holdings seeing their shares rise by more than 5% and 6%, respectively. Riot Platforms increased by 6%, while Coinbase and Cipher Mining climbed by 5% and 7%, respectively.

Trump is expected to give a keynote address at the Bitcoin Conference in Nashville on Saturday. Recently, he has taken a pro-cryptocurrency stance in his campaign, and traders are eager to hear if he will maintain this viewpoint during his speech. There is also hope he will discuss plans for more defined regulations within the U.S. cryptocurrency sector.

Bitcoin’s recent momentum was partly fueled by speculation surrounding a possible Trump presidency, particularly after a boost in his approval ratings following a recent assassination attempt. Additionally, there are growing expectations for a rate cut by the Federal Reserve in September.

However, Bitcoin had faced considerable selling pressure in recent weeks, as investors shifted away from riskier assets in the global financial markets. This exodus has particularly affected the volatile cryptocurrency sector. Contributing to this market pressure were ongoing repayments to creditors of Mt. Gox, a former cryptocurrency exchange that has been in bankruptcy for nearly a decade.