Cryptocurrency market experienced a significant rise at the beginning of the week with a notable increase in Bitcoin price. This rise paralleled the market gaining confidence following an assassination attempt on presidential candidate Donald Trump. Bitcoin price increased by 6.49% on July 15, rising from $60,804 to $64,747. Now, it is around the $66,000 level. This means BTC has returned to levels not seen since June 22.
Rise in Crypto-Focused Stocks
Major companies like Riot Platforms, Coinbase, and MicroStrategy achieved significant gains in their stock prices with the increase in Bitcoin prices. Riot Platforms’ stock price rose by over 17%, from approximately $10.3 to over $11.4. Similarly, Coinbase stock also increased by 11.42%, rising from $229 to over $242 at the close of trading.
MicroStrategy, known for its Bitcoin holdings, had a strong start to the week. Its shares opened at approximately $1,515 and closed at around $1,611 with a gain of over 15%. MicroStrategy’s shares, which have increased by more than 150% this year, demonstrated the strong performance of its Bitcoin investments.
The increase in the prices of Bitcoin and other cryptocurrencies positively impacted the performance of crypto-related stocks, indicating the growing influence of cryptocurrencies in mainstream financial portfolios. The incident involving Donald Trump seemed to add a sense of urgency and confidence to the crypto sector, resulting in significant gains for major crypto stocks.
Bitcoin’s Market Strength and Impact
Bitcoin’s performance in recent weeks once again highlighted the strong impact of the cryptocurrency on the market. The Relative Strength Index (RSI) for Bitcoin stayed above the neutral line, indicating strong upward momentum. This shows that buying pressure in the market exceeded selling pressure, supporting the upward trend.
Finally, we see that the cryptocurrency market will focus on the Fed‘s interest rate cuts in the coming period. The market now expects a cut in September. This could act as a catalyst for Bitcoin and altcoins.
