The recent surge in the price of bitcoin has had a significant impact on the crypto market. Following the attempted assassination of Donald Trump, investors have been flocking to crypto companies, such as Coinbase, MicroStrategy, and Riot Platforms, as the price of bitcoin continues to rise. This surge comes as investors speculate that Trump’s increased bullish comments on crypto and his upcoming appearance at the Bitcoin 2024 conference indicate a potential victory for him in the November election.
As of early Monday afternoon, bitcoin is trading at around $63,500, up about 6% in the past 24 hours. This increase in the price of bitcoin has led to a surge in the shares of Coinbase, the largest centralized digital asset exchange in the U.S. Coinbase saw a 12% jump in its stock price, reaching $243.27, marking its best performance since February. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, highlighting its dominance in the cryptocurrency market.
Bitcoin miner Riot Platforms experienced a 16% surge in its stock price, while Marathon Digital, a rival miner, saw a 17% increase. This rise in miner stocks can be attributed to the increase in the value of their operations as bitcoin’s price rises. Additionally, MicroStrategy, the largest corporate holder of bitcoin, witnessed a 17% climb in its stock price on Monday. With the stock up more than 150% this year, it is clear that corporate interest in bitcoin is on the rise.
The surge in crypto companies following bitcoin’s rally indicates a growing interest in the cryptocurrency market. As bitcoin continues to make gains and political events unfold, investors are closely watching the market for potential opportunities. With the price of bitcoin showing resilience and companies like Coinbase, MicroStrategy, and Riot Platforms experiencing significant growth, the future of the crypto market looks promising for both investors and companies involved in the industry.