Cryptocurrency Price Movements Today: Bitcoin Tests $65K, Ether ETF Expected Next Week
The price of bitcoin (BTC) turned slightly lower early Tuesday afternoon after crossing the $65,000 level in late trading Monday.
Bitcoin was trading above $64,000 Tuesday after crypto exchange Kraken received more than $3 billion worth of bitcoin for distribution over the next few weeks to Mt. Gox customers, according to a report in The Block.
Two major developments in the past 24 hours—Republican presidential nominee Donald Trump's pick to be his running mate and a potential spot ether ETF approval next week—may have driven bitcoin higher and brought gains to cryto-related stocks as well.
Shares of Riot Platforms (RIOT) gained more than 5%, Marathon Digital (MARA) was up 4%, MicroStrategy (MSTR) added 2%, and Coinbase (COIN) was up more than 1% as of 1:15 p.m. ET Tuesday.
Former President Donald Trump is making efforts to get the attention of crypto industry. Even as the rising odds of his victory sent bitcoin higher yesterday, Trump announced J.D. Vance as his running mate for the 2024 U.S. presidential election.
A Republican senator from Ohio, Vance is also a bitcoin investor. He previously disclosed holding up between $100,000-$250,000 worth of bitcoin in 2022, and more recently, drafted industry-friendly crypto legislation, according to Politico.
And some in the crypto industry were quick to throw their weight behind that nomination.
«Trump — Vance is a phenomenal ticket period,» Riot Platforms' Head of Public Policy Brian Morgenstern posted on X.«But it’s an absolute dream come true for #Bitcoin & Bitcoiners, and the broader crypto community.»
The demand created by spot bitcoin exchange-traded funds (ETFs) is credited for fueling a rally in bitcoin prices in the first half of the year. While spot ether ETFs
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