US Crypto Stocks Surge After Bitcoin Reversal
US crypto stocks saw a significant surge at the beginning of the week as Bitcoin rebounded and traded near $63,000. This positive momentum came after a weekend where Bitcoin performed strongly following news of an assassination attempt on a pro-Bitcoin candidate.
Notable Gains for Leading Crypto Companies
According to data from Yahoo Finance, leading crypto companies experienced notable gains during pre-market trading. Coinbase, MicroStrategy, Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 all saw significant increases in their stock prices.
For example, Coinbase, the largest US-based crypto exchange, reported a 5.22% rise in its COIN stock, while MicroStrategy, the largest public Bitcoin holding company, saw its MSTR stock climb by 8%. Bitcoin mining companies like Marathon Digital, Riot Platforms, and Bit Digital also experienced more than 7% pre-market gains.
Reasons Behind the Stock Surge
Market observers have attributed the rise in crypto-related stock prices to the positive performance of Bitcoin and the overall crypto market. The news of the assassination attempt on a pro-Bitcoin candidate may have also contributed to the increased interest and investment in the crypto sector.
Strong Gains in Crypto Market
During the reporting period, the broader crypto market has shown a strong performance. Major digital assets such as Bitcoin, Ethereum, BNB, and XRP have all recorded gains of over 5%, according to data from CryptoSlate.
Market Pricing in Trump Win
Singapore-based crypto trading firm QCP has suggested that the market is anticipating a Donald Trump victory in the upcoming November elections. The firm believes that similar to Reagan’s presidency after a failed assassination attempt in 1981, a Trump win could be positive for crypto prices due to his pro-crypto stance.
Bullish Bias Towards Trump
Blockchain intelligence platform Santiment has also supported this view, noting a bullish bias towards the presumptive Republican candidate in the market. The cryptocurrency community has responded positively to pro-Trump news, especially after his recent supportive comments on crypto. It seems that surviving an assassination attempt has created a positive sentiment around Trump.
There has been a recent surge in positive reactions to news articles related to the Trump administration. This increase in support is due to the perception that the articles are biased in favor of President Trump. The bullish responses to these articles have been significant, indicating a strong level of support for the current administration.
Perceived Bias in Pro-Trump News
It has been observed that news articles considered to be pro-Trump are being met with bullish responses. This is believed to be a result of the perception that these articles are biased in favor of President Trump. As a result, supporters of the administration are reacting positively to the news, leading to a surge in bullish sentiment.
Support for the Trump Administration
The increase in positive reactions to pro-Trump news articles reflects a strong level of support for the current administration. Supporters of President Trump are quick to respond to news that aligns with their views, contributing to the overall bullish sentiment surrounding the Trump administration.