Markets
Cryptocurrencies surge with Bitcoin amid turmoil following Trump incident
- A positive development was observed in the traditional market on July 15.
- Crypto stocks had a more positive start to the week.
Crypto stocks have seen a significant surge over the past 24 hours, mirroring similar gains seen in Bitcoin [BTC] and other cryptocurrencies. This surge in cryptocurrency values is notably linked to the recent assassination attempt on Donald Trump, a presidential candidate perceived as favorable to cryptocurrencies.
Good day for crypto stocks?
The stock market has recently seen strong performance for cryptocurrency-related stocks, indicating a solid outing for the sector. Companies such as Riot Control Platforms, CoinbaseAnd MicroStrategies all ended the last trading session with double-digit gains.
These strong performances by these companies, closely linked to the cryptocurrency markets, highlight the growing influence of digital currencies and their integration into traditional financial portfolios.
Evolution of major crypto stocks
Recent performances of MicroStrategy (MSTR) has seen a particularly strong surge, starting the week with a significant gain. On July 15, the stock opened at around $1,515 and closed at around $1,611, marking an impressive gain of over 15%.
Source: TradingView
As the largest corporate holder of Bitcoin, MicroStrategy shares are up more than 150% this year, reflecting the strong health of its investment strategy in a favorable crypto market environment.
In the same way, Coinbase (COIN) also performed well, with its stock price increasing by 11.42% on July 15. The stock rose from around $229 to over $242 at the close of trading.
It is worth noting that Bitcoin transactions accounted for 33% of trading volume on Coinbase in the first quarter, while Ethereum transactions accounted for 13%.
Additionally, Riot Platforms, a Bitcoin mining company, also saw a notable surge in its stock price. The stock price increased by over 17%, from around $10.3 to over $11.4.
Rising Bitcoin prices generally benefit mining operations like Riot Platforms because it increases the value of the Bitcoin they mine, improving the overall profitability of their operations.
Source: TradingView
Bitcoin Moves the Rest of the Market
Analyse of Bitcoin The cryptocurrency’s price increased by 6.49%, from around $60,804 to $64,747.
This marks a return to price levels not seen since June 22, when BTC was trading around $64,235.
BTC’s current Relative Strength Index (RSI) reading is also moving above the neutral line, indicating strong bullish momentum.
An RSI reading above the neutral value of 50 generally suggests that buying pressure has exceeded selling pressure, supporting an uptrend in the market.