The price of Bitcoin exceeded $70,000 per coin for the first time in recent months amid investors’ anticipation of MicroStrategy’s positive financial report and the upcoming US presidential election. The rate of the most popular cryptocurrency in the world did not stop at this level, but continued to grow, and by the time of publication of this note, Bitcoin was worth about $71,209 per coin (data from CoinDesk).
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The value of shares of companies related to cryptocurrency has changed little against the background of the rise in the price of Bitcoin. Coinbase shares rose 5%, while MicroStrategy shares jumped 9% in Monday trading. The last time the Bitcoin rate rose above $70,000 was in June of this year, and in March it reached a record $73,797 per coin.
Investor optimism is growing amid the upcoming US presidential elections, which will take place next week. It is possible that Bitcoin will experience a sharp rise, which could occur on Election Day on November 5 or November 7, when the Federal Reserve announces its decision on the interest rate.
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Republican presidential candidate Donald Trump has gone to great lengths to portray himself as a candidate who supports and endorses cryptocurrency. Democratic candidate Kamala Harris has been more muted on digital assets, leaving the industry divided over what impact she might have on crypto companies if she becomes president.
Elsewhere, investors are awaiting financial reports from Coinbase and MicroStrategy due out on Wednesday. By the end of trading Monday, MicroStrategy shares were at their highest level since March 15, 2000.