Markets
Crypto stocks soar as BTC surges amid turmoil following Trump incident
- There was a positive movement in the traditional market on July 15th.
- Cryptocurrency stocks had a more positive start to the week.
Cryptocurrency stocks have seen a significant surge in the past 24 hours, mirroring similar gains seen in Bitcoin [BTC] and other cryptocurrencies. This surge in crypto-related stocks is notably linked to the recent assassination attempt on Donald Trump, a presidential candidate perceived to be pro-crypto.
Good morning for cryptocurrency stocks?
The stock market has recently shown strong performances from crypto-related stocks, signaling a robust exit for the sector. Companies such as Riot platforms, CoinbaseIt is Microstrategy all concluded the last trading session with double-digit gains.
These strong performances by these companies, which are heavily interconnected with cryptocurrency markets, underscore the growing influence and integration of digital currencies into mainstream financial portfolios.
How the top cryptocurrency stocks have evolved
The recent performance of from MicroStrategy (MSTR) has been remarkably strong, starting the week with a significant surge. On July 15, the stock opened at approximately $1,515 and closed around $1,611, marking an impressive gain of over 15%.
Source: TradingView
As the largest corporate holder of Bitcoin, MicroStrategy shares have surged by more than 150% this year, reflecting the robust health of its investment strategy amid a favorable cryptocurrency market environment.
Similarly, Coinbase (COIN) also put on a strong performance, with its share price increasing by 11.42% on July 15. The stock rose from around $229 to over $242 at the close of trading.
Notably, Bitcoin transactions accounted for 33% of trading volume on Coinbase in Q1, while Ethereum transactions accounted for 13%.
Additionally, Riot Platforms, a Bitcoin mining company, also saw a notable surge in its stocks. The stock price increased by over 17%, from around $10.3 to over $11.4.
Rising Bitcoin prices typically benefit mining operations like Riot Platforms as 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
Analysis of Bitcoin on a daily timeframe revealed a significant increase in price on July 15. The cryptocurrency’s value increased by 6.49%, rising from approximately $60,804 to $64,747.
This marks a return to price levels not seen since June 22, when BTC traded around $64,235.
BTC’s current Relative Strength Index (RSI) reading has also trended above the neutral line, indicating strong bullish momentum.
An RSI value above the neutral 50 typically suggests that buying pressure has overcome selling pressure, supporting an uptrend in the market.