Bitcoin Surges Back Above $70,000, Lifting Related StocksBitcoin-related stocks performed strongly on Tuesday, with Coinbase (COIN.US) surging more than 3%, MARAHoldings (MARA
Bitcoin Surges Back Above $70,000, Lifting Related Stocks
Bitcoin-related stocks performed strongly on Tuesday, with Coinbase (COIN.US) surging more than 3%, MARAHoldings (MARA.US) rising almost 3%, and Microstrategy (MSTR.US) gaining over 2% by the time of writing.
This surge is closely linked to the recent breakout of Bitcoin's price above the $70,000 mark. This is the first time the cryptocurrency has crossed this key level since June. News flow points to a combination of factors driving the price higher, including capital inflows into Bitcoin ETFs and bets on a Republican presidential candidate, Donald Trump, winning the election. Data shows that US Bitcoin spot ETFs have attracted about $3.1 billion in net inflows this month.
Meanwhile, Bitcoin has been dubbed a "Trump trade" by some. Trump has expressed a positive embrace of cryptocurrencies during his campaign, leading the market to anticipate a favorable future for crypto assets should he win.
It's worth noting that other cryptocurrencies, like Ethereum, have also experienced modest gains. This indicates that the entire crypto market is being positively impacted by recent bullish news.
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