US crypto stocks started the week on a high note after Bitcoin reversed weeks of negative performance by trading near $63,000 today.
This boost followed a strong weekend for the top crypto asset, driven by news of the assassination attempt of pro-Bitcoin candidate former President Trump.
Yahoo Finance data showed notable gains for leading crypto companies during pre-market trading. Coinbase, MicroStrategy, and publicly traded mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 saw significant price increases.
Coinbase, the largest US-based crypto exchange, reported a 5.22% rise in its COIN stock. MicroStrategy, the largest public Bitcoin holding company with over 210,000 BTC, saw its MSTR stock climb by 8%.
Additionally, publicly-traded Bitcoin mining companies, including Marathon Digital, Riot Platforms, and Bit Digital, experienced more than 7% pre-market gains.
Why are the stocks rising?
Market observers have linked the rise in crypto-related stock prices to the strong performance of the broader crypto market during the reporting period.
Data from CryptoSlate shows that major digital assets, including Bitcoin, Ethereum, BNB, and XRP, have all posted gains of more than 5%.
Singapore-based crypto trading firm QCP explained that the market was pricing in a Donald Trump win in the impending November elections. It stated:
“This whole move seems to be caused by the market pricing in a Trump win at the coming election (similar to Reagan after a failed assassination attempt in 1981) and this is positive for crypto prices because of his overtly pro-crypto stance.”
Blockchain intelligence platform Santiment corroborated this view, adding that a bullish bias is now visible around the presumptive Republican candidate.
Santiment added:
“As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result.”