Key Points
- Bitcoin’s recovery triggers a rally in crypto stocks, with CleanSpark and Coinbase posting significant gains.
- Minneapolis Fed President remains skeptical, deeming Bitcoin worthless despite its market performance.
Bitcoin has bounced back impressively after a drop below the critical $60,000 mark last week, causing a ripple effect in crypto stocks.
On October 14th, Bitcoin reached a high of $66,500, its highest price since July, setting off a significant rally for publicly traded crypto-linked firms in the U.S.
Bitcoin’s Impact on Crypto Stocks
Bitcoin mining company CleanSpark (CLSK) posted the highest gains of 12.72%, according to Google Finance. This was closely followed by Coinbase (COIN), which appreciated by 11.32%.
Other notable gainers included LM Funding America (LMFA), TeraWulf (WULF), and Marathon Digital Holdings (MARA), with increases of 10.94%, 6.65%, and 5.60% respectively.
At press time, Bitcoin was trading at $65,657, gaining 9.04% over the past month and more than 144% in the last year.
Political Influence on Bitcoin’s Rise
The rally in crypto stocks comes as Bitcoin benefits from increased investor interest, partly driven by the upcoming U.S. presidential elections.
Both the Republican and Democratic parties have adopted a pro-crypto stance, increasing the potential for further Bitcoin growth, irrespective of whether Donald Trump or Vice President Kamala Harris wins the presidency.
However, despite the growing acceptance and support, Bitcoin continues to face skepticism from traditional financial leaders and institutions.
On October 14th, Minneapolis Federal Reserve Bank President Neel Tushar Kashkari stated that Bitcoin remains worthless after 12 years, despite its market cap of $1.3 trillion and 1.3 billion addresses, highlighting its broad adoption and market confidence.