Bitcoin’s rally also had a huge impact on cryptocurrency stocks in U.S. indices on Monday.
Cryptocurrency miners performed particularly well on Monday, with Cipher Mining shares (CIFR) leading the pack, up more than 27%, followed by Marathon Digital (MARA), Hut 8 (HUT), Riot Platforms (RIOT), and Cleanspark (CLSK), all up between 15% and 19% on the day.
Bitcoin Bitcoin
+5.70%
‘The price of s, which had been trading mostly below $60,000 for the past 10 days, rebounded early Monday morning, breaking above $63,000 after former US President Donald Trump survived an assassination attempt on Saturday. Late Monday afternoon, Trump picked crypto-friendly Senator JD Vance as his running mate for the 2024 presidential election.
BlackRock CEO Larry Fink also cheered the sector, saying Bitcoin is a “legitimate financial instrument.”
Coinbase stock (COIN) rose more than 11% to close at $242.85 per share, its highest level in a month. Devin Ryan, managing director and head of financial technology research at JMP, said the stock has much more upside ahead.
MicroStrategy shares (MSTR) rose 15.3% to $1,623. Last week, the business intelligence company and corporate Bitcoin holder announced a 10-for-1 stock split, effective August 1.
For Bitcoin mining stocks, the first trading day of the week saw a surge in share prices, thanks to Berstein’s analysts.
“A Goldilocks scenario for Bitcoin mining is emerging: the likelihood of a favorable political shift for Bitcoin is growing, the U.S. is emerging as a major hub for Bitcoin mining and the latest generation of mining chips, miners are leading the way in power interconnect, and miners are emerging as strong partners for AI data centers,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday.
The only Bitcoin miner to end the day in the red was Iris Energy (IREN), down 2.56%. The stock took a big hit last week after short sellers issued a negative thesis on its valuation.
According to The Block’s price page, Bitcoin was up 5.6% at $63,743 at the time of publication. The GMCI 30, which tracks the top 30 cryptocurrencies by market cap, was up 4.9% at $132.12.
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