Bitcoin Climbs Above $70,000 Ahead of MicroStrategy Earnings and U.S. Presidential Election

Bitcoin briefly climbed above $70,000 as investors eagerly awaited MicroStrategy earnings and the upcoming U.S. presidential election. The price of bitcoin reached as high as $70,207.02 before settling around $69,925.00, showing a 3% increase, according to Coin Metrics.

Stocks tied to the price of bitcoin saw little change in extended trading, with Coinbase gaining 5% and MicroStrategy jumping nearly 9% during regular trading hours on Monday.

Bitcoin has struggled to surpass the $70,000 mark this year, with its last peak in June. Despite multiple attempts to break through, the cryptocurrency has been unable to sustainably reach this level since hitting a record high of $73,797.68 in March.

With the U.S. presidential election approaching, optimism is growing among investors. Bitcoin has been trading in a narrow range between $55,000 and $70,000, but with new stock market highs, the election on Nov. 5, and a Federal Reserve rate policy decision on Nov. 7, a breakout may be on the horizon.

The election outcome is seen as a significant factor for the price of bitcoin, with Republican nominee Donald Trump positioning himself as the pro-crypto candidate and Democratic nominee Kamala Harris taking a more reserved stance on the industry. Investors are closely monitoring the candidates’ positions and how they could impact crypto companies.

In addition to the election, investors are eagerly anticipating earnings reports from Coinbase and MicroStrategy, scheduled for Wednesday. MicroStrategy, known for its correlation to the price of bitcoin, has been on a winning streak and is aiming to extend its gains.

As the cryptocurrency market continues to evolve, investors are keeping a close eye on these developments and preparing for potential market shifts in the coming days.