Coinbase, MicroStrategy, and Riot Blockchain stocks surged as bitcoin hit a two-week high after the recent attempt on Donald Trump’s life, reflecting Trump’s bullish stance on cryptocurrencies
Coinbase, MicroStrategy, and Riot Platforms experienced significant gains on Monday as investors poured into crypto companies in response to Bitcoin’s
Ascend to a two-week peak.
Investors have been wagering that the Republican presumptive nominee is now more likely to win the election in November, as the price of bitcoin has been increasing since the attempted assassination of Donald Trump over the weekend.
Last week, Trump signed on to headline the Bitcoin 2024 conference in Nashville, Tennessee and has recently been making increasingly bullish comments on crypto.
As of early Monday afternoon, Bitcoin is trading at approximately $63,500, a 6% increase from the previous day.
The shares of Coinbase, the largest centralized digital asset exchange in the United States, increased by 12% to $243.27, indicating that they are on track for their best day since February.
In the first quarter, Bitcoin comprised 33% of the platform’s trading volume, the highest percentage of any cryptocurrency. 13% of the volume was comprised of Ethereum.
Riot Platforms, a Bitcoin miner, experienced a 16% increase, while Marathon Digital, its competitor, experienced a 17% increase. Miners typically benefit from an increase in bitcoin’s value, as it enhances the value of their operations.
On Monday, the stock of MicroStrategy, the largest corporate holder of Bitcoin, increased by 17%. This year, the stock has experienced a rise of over 150%.
On Thursday, the company announced a 10-for-1 stock split to “enhance the accessibility of MicroStrategy’s stock to investors and employees.”
