Key Takeaways
- Bitcoin rose Monday, lifting shares of stocks linked to the cryptocurrency.
- The moves came as broader markets, including the tech-focused Nasdaq Composite, rose to start the week.
- They also follow statements from Vice President Kamala Harris and former President Donald Trump that could signal Washington may move toward a more crypto-friendly outlook.
Bitcoin (BTCUSD) rose Monday, lifting shares of Coinbase Global (COIN) and other stocks linked to the cryptocurrency.
The price of bitcoin was recently near $66,000, rising some 6% over the past 24 hours according to CoinDesk data. That helped shares of companies like crypto exchange Coinbase, major bitcoin holder MicroStrategy (MSTR) and crypto mining company Marathon Digital (MARA). Coinbase stock was recently up about 9%.
The moves came as broader markets, including the tech-focused Nasdaq Composite, rose to start the week. They have bitcoin trading around recent highs, though a bit below their highest points of 2024.
They also follow a policy statement from Vice President Kamala Harris, the Democratic presidential nominee, citing support for “a regulatory framework for cryptocurrency and other digital assets.” The statement, along with previous comments from former President Donald Trump, her Republican opponent, could signal Washington may move toward a more crypto-friendly outlook regardless of who wins the election. Trump in recent days has used social media to promote the coming sale of a crypto token.
Coinbase is set to report its latest quarterly results at the end of the month.