Cryptocurrency Price Movements Today: Bitcoin Back Above $63,000
Bitcoin (BTC) was back above $63,000 for the first time in two weeks on Monday, up more than 15% from the lows of last week.
Some of that price momentum is likely associated with the viewpoint that the re-election of former President Donald Trump, who has lately become viewed as a stronger supporter of cryptocurrency, is more likely.Trump has indicated he will attend a bitcoin conference in Nashville later this month, according to conference organizers.
“Bitcoin’s price is positively correlated with the probability of a Trump Presidency and will remain sensitive to election updates,” said analysts from brokerage firm Bernstein in a report, according to The Block.The report also offered upbeat scenarios for bitcoin-mining stocks, including their diversification into artificial intelligence.
Crypto-related stocks also saw gains in trading Monday. MicroStrategy (MSTR), one of the largest corporate bitcoin investors, saw its shares rise more than 16% while Coinbase (COIN) and miner Marathon Digital (MARA) shares jumped 11% and 18%, respectively.
Bitcoin has found another supporter in BlackRock (BLK) CEO Larry Fink, who went from being a self-proclaimed «proud skeptic» to a «major believer.»
«I’m not trying to say there’s not misuses, like everything else, but it is a legitimate financial instrument that allows you to have non-correlated type of returns,” Fink told CNBC in an interview Monday, adding that he is „a major believer that there’s a role for bitcoin in portfolios.“
BlackRock's spot bitcoin exchange traded fund—iShares Bitcoin Trust (IBIT)—has been one of the category's most-successful products. The fund secured almost $4 billion in net inflows in the second quarter, and roughly $18 billion since it began
Read more on investopedia.com
