Cryptocurrency Stocks Rise Following Bitcoin Surge

Cryptocurrency stocks experienced an upswing in premarket trading on Friday, buoyed by significant gains in Bitcoin (BTC).

The world’s largest crypto asset increased by over 4.7% within the past 24 hours, trading at $67,346.0 as of 09:49 GMT.

This rise allowed BTC to recover some losses from earlier in the week, with the crypto market focusing on Republican presidential nominee Donald Trump’s upcoming speech at the Bitcoin Conference this weekend.

Positive sentiment spilled over into crypto-related stocks, with shares of MicroStrategy (MSTR) rising more than 5%, and MARA (MARA) increasing by more than 6%.

Similarly, Riot Platforms (NASDAQ:RIOT) rose by 6%, Coinbase (NASDAQ:COIN) climbed 5%, and Cipher Mining (NASDAQ:CIFR) jumped 7%.

Former President Trump is set to deliver a keynote address at the Bitcoin Conference in Nashville on Saturday. Recently, Trump has adopted a pro-crypto stance in his campaign, and traders are eager to see if he will maintain this rhetoric during his speech. They hope he will also outline clearer regulations for the U.S. crypto industry.

Bitcoin gained momentum last week due to speculation surrounding a potential Trump presidency, particularly after he saw an increase in approval ratings following a failed assassination attempt. Expectations of a Federal Reserve rate cut in September are also growing.

However, Bitcoin has faced considerable selling pressure in recent weeks as investors shifted away from risk-driven assets in global financial markets. This trend has had a particularly severe impact on the speculative crypto sector.

The market pressures were partly exacerbated by ongoing repayments to creditors of Mt. Gox, a former cryptocurrency exchange that declared bankruptcy nearly a decade ago.