Bitcoin (BTC) Pre-Conference Rally Lifts MicroStrategy (MSTR), MARA (MARA) and Other Crypto Stocks
- WBOYOriginal
- 2024-07-26 21:46:10607browse
Cryptocurrency stocks rose higher in premarket trading Friday, tracking strong gains in Bitcoin (BTC). The world's largest crypto asset climbed more than 4.7% in the past 24 hours, trading at $67,346.0 as of 09:49 GMT.
Cryptocurrency stocks advanced in premarket trading Friday, tracking strong gains in Bitcoin (BTC).
The world’s largest crypto asset added more than 4.7% over the past 24 hours, trading at $67,346.0 as of 09:49 GMT.
The upsurge helped BTC recoup a portion of its losses from earlier this week as crypto markets geared up for Republican presidential nominee Donald Trump’s speech at the Bitcoin Conference this weekend.
The positive sentiment extended to crypto-related equities, with shares of MicroStrategy (MSTR) and Marathon Digital (MARA) rising more than 5% and 6%, respectively.
Similarly, Riot Platforms (NASDAQ:RIOT) added 6%, Coinbase (NASDAQ:COIN) climbed 5%, and Cipher Mining (NASDAQ:CIFR) jumped 7%.
Former President Trump is set to deliver a keynote speech at the Bitcoin Conference in Nashville on Saturday.
Of late, Trump has taken a pro-crypto stance in his campaign efforts, and traders will be closely watching to see if he continues this rhetoric during his address. They are also hoping he will announce plans for clearer regulations in the U.S. crypto industry.
Bitcoin got a boost last week amid speculation about a potential Trump presidency, especially after he saw a surge in approval ratings following a failed assassination attempt. Moreover, expectations for a Federal Reserve rate cut in September are increasing.
However, for the most part, the premier cryptocurrency has been facing significant selling pressure in recent weeks as investors pivoted away from risk-driven assets across global financial markets. This trend hit the highly speculative crypto sector particularly hard.
The market pressure was driven in part by the ongoing repayments to creditors of Mt. Gox, a former cryptocurrency exchange that collapsed into bankruptcy nearly a decade ago.
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