Crypto Stocks Jump as Bitcoin Bounces near $68,000
Bitcoin’s price has rebounded from a ten-day low as traders attempt to gauge a short-term direction amid a “liquidity hunt” following last week’s surge to its near-all-time high.
The asset is trading relatively flat on the day to around $67,500 after dropping to as little as $67,860 on Thursday, CoinGecko data shows.
It comes as Bitcoin’s price breached $69,000 on Sunday—the asset’s all-time high, set on March 14, stands at just above $73,700.
Crypto stocks jumped in morning trading. MicroStrategy rose 7%; CleanSpark, Riot Platforms and Coinbase rose 6%; Marathon Digital rose 5%; Bitfarms rose 3%.
That has some experts postulating the asset’s move lower this week may have been short-lived.
Bitcoin’s classification as a so-called Trump trade is starting to jar with wider shifts in global markets attributed in part to the possibility of the former president’s return to the White House.
Bond yields and the dollar have jumped lately amid Republican nominee Donald Trump’s lead over Vice President Kamala Harris in prediction markets. On one view, investors are curbing bets on looser monetary policy as Trump will apply a pro-growth agenda to an already robust US economy if he wins on Nov. 5.
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