Crypto stocks surged along with Bitcoin’s price rally.
Crypto stocks experienced a rally on July 15, along with Bitcoin, as the odds of winning the US presidential election in November increased.
The price rallies were mainly driven by mining stocks such as Marathon Digital ( MARA ), Riot Platforms ( RIOT ), and CleanSpark ( CLSK ), which gained 17%, 16%, and 16.2%, respectively.
Additionally, shares of Coinbase ( COIN ) were up 11.4 percent, and MicroStrategy ( MSTR ) was up 16.7 percent at the time of this report, according to Bitcoin (BTC) chief executive Michael Saylor.
Political chaos and the 2024 presidential election
Last weekend's assassination attempt on former President Trump left the pro-Croatian candidate in the 2010 election. Popular online betting platforms have boosted their chances of winning the 2024 election. Trump's 2018 The 2024 re-election is considered a major milestone by speculators and investors.
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Following the assassination attempt, the Republican candidate announced that he would still be attending a July 27 Bitcoin conference in Nashville, Tennessee.
Political events aside, it's worth noting that the German government ended Bitcoin sales on July 12, easing selling pressure and acting as a catalyst to push prices higher over the weekend.
Bitcoin ETFs see huge returns.
In the year Data from the latest CoinShares Flows Report on July 15th shows that funds, products and believers traded on the Bitcoin exchange saw huge inflows over the weekend. Bitcoin investment vehicles attracted $1.35 billion in capital, driven primarily by investors in the United States.
During Bitcoin's price decline over the past several weeks, institutions have seen massive BTC sales by the German government and Mt. Gox buyback plan news has bought into the fear, uncertainty, and doubt.
On July 15, BlackRock CEO Larry Fink, the world's largest asset manager, appeared on CNBC to explain his change of heart regarding Bitcoin, calling the supply-backed asset “digital gold” and a “legitimate” financial instrument.
On the supply side, political and institutional trends indicating high Bitcoin adoption by state and corporate entities have been confirmed by US-based miners in anticipation of future price increases.
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