On Monday evening, Bitcoin’s price briefly soared above $70,000. This surge comes as investors anticipate the upcoming November election and the earnings report from MicroStrategy, the largest corporate holder of Bitcoin.
Positive Momentum for Cryptocurrency Stocks
Cryptocurrency-related stocks also experienced notable gains on Monday. MicroStrategy’s shares rose nearly 9%, while Coinbase, America’s largest registered crypto exchange, saw an increase of more than 5%. Both companies are set to release their earnings reports later this week, with MicroStrategy closing on Monday at its highest price since mid-March.
Analysts Predict Bitcoin Will Break Record High
Market analysts are growing optimistic about Bitcoin’s future. Many believe it could surpass its all-time high of $73,797, reached in March. This expectation is heightened by the U.S. Federal Reserve’s impending decision on interest rate cuts, scheduled for after the presidential election.
Potential Changes in Crypto Policy
The 2024 presidential election is expected to bring new cryptocurrency policies and possibly a new chair for the U.S. Securities and Exchange Commission (SEC). These changes are seen as long-awaited developments for the $2.49 trillion crypto industry.
Trump’s Shift in Stance on Cryptocurrency
Adding to the optimism, former President Donald Trump recently changed his stance on digital assets. At this year’s annual Bitcoin Conference in Nashville, he endorsed Bitcoin and expressed his desire to make the U.S. the world’s “crypto capital.” In response, the crypto industry has pledged significant financial support for Trump’s political campaign. His promises include freeing Silk Road operator Ross Ulbricht, replacing SEC Chair Gary Gensler with a pro-crypto leader, and enhancing regulatory clarity for digital assets.
According to a recent report by Public Citizen, the crypto industry has invested a record $119 million to influence elections this year. It is expected to continue using its substantial resources in future election cycles to shape cryptocurrency policy.
Related topics:
