Bitcoin Surges Past $70,000 Ahead of Election and MicroStrategy Earnings

Cryptocurrency-linked stocks like MicroStrategy and Coinbase, America's largest registered crypto exchange, both saw positive price momentum on Monday, with Coinbase's stock seeing more than 5% growth and MicroStrategy's shares improving by almost 9%.

Bitcoin price surged past $70,000 on Monday evening in anticipation of the upcoming U.S. presidential election and a new earnings report from MicroStrategy.

Cryptocurrency-linked stocks, such as MicroStrategy and Coinbase, both experienced positive price movements on Monday. Coinbase’s stock increased by more than 5%, while MicroStrategy’s shares rose by almost 9%. Both Coinbase and MicroStrategy are expected to announce new earnings reports this week. MicroStrategy closed Monday at its highest price since mid-March.

Bitcoin market analysts are optimistic that the cryptocurrency will break its March all-time high of $73,797 later this year, especially as the U.S. Federal Reserve is set to announce another decision on interest rate cuts after the presidential election.

The 2024 presidential contest could bring new crypto policy and possibly a new head of the U.S. Securities and Exchange Commission (SEC), two long-awaited objectives of the beleaguered $2.49 trillion industry.

In a surprising shift, Trump endorsed bitcoin at this year’s annual Bitcoin Conference in Nashville, vowing to make the United States the world’s de facto “crypto capital.” The crypto industry has chosen to support Trump by providing vast financial contributions to his political campaign.

According to a recent Public Citizen report, the crypto industry has spent an “unprecedented $119 million influencing elections” this year, and will likely continue to deploy its sizable war chest in upcoming election cycles in the hope of steering crypto policy.