On October 15, Bitcoin made headlines by rallying 6% to reach $66,400, its highest price since July 30. This surge positively impacted publicly traded crypto-linked companies in the U.S., with several firms reporting significant gains.
Interestingly, the price surge coincides with election campaigns where candidates like Kamala Harris and Donald Trump promote better crypto industry regulations. Harris is seen as friendlier toward crypto than President Biden, while Trump is more pro-industry.
Bitcoin miner CleanSpark (CLSK) was the day’s standout, closing with a 12.72% gain at $10.81 and continuing to rise 1.72% after hours to $11, according to Google Finance data. Crypto exchange Coinbase (COIN) followed closely, surging 11.33% to $196.35 — a seven-week high — and climbing 1.71% after hours.
Other crypto miners also posted impressive gains. Iris Energy (IREN) jumped 10.21%, while TeraWulf (WULF) and Marathon Holdings (MARA) rose by 6.65% and 5.6%, respectively.
Meanwhile, Semler Scientific (SMLR), which recently adopted a Bitcoin-buying strategy similar to MicroStrategy, stayed flat during the day but surged 4.3% after hours. Block Inc. saw a 2.8% increase, according to Yahoo Finance.
Business intelligence firm MicroStrategy (MSTR), which holds over 252,000 BTC, bucked the trend, dropping 5.1% to $201.67 but recovering slightly after hours.
This market rally came as Bitcoin rose by 5.7% over the past 24 hours, prompting speculation about the start of “Uptober,” a historically bullish month for Bitcoin. Bitcoin analyst On-Chain College pointed out that Bitcoin surpassed key support levels, signaling a potential price breakthrough.
Currently, Bitcoin is trading at $65,395, still 12.76% below its all-time high of $73,612 reached on March 14, according to CoinMarketcap data. As the 2024 halving event approaches, some believe it could help Bitcoin break past its previous record in the fourth quarter.
Bitcoin’s recent surge reflects growing investor optimism and the potential for a more favorable regulatory environment. With candidates like Harris and Trump advocating for better regulations, the crypto market may see increased confidence moving forward.
Also Read: Google Removes Bitcoin and Crypto Price Charts from Search
