Crypto Stocks Staged a Rally on July 15, Along with Bitcoin

The price rallies primarily affected mining stocks such as Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), which gained 17%, 16%, and 16.2%, respectively.

Crypto shares rallied on July 15, alongside Bitcoin, in a market move attributed to former President Donald Trump’s improving odds of winning the 2024 United States presidential election in November.

The price rallies notably impacted mining stocks such as Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK), which surged by 17%, 16% and 16.2%, respectively.

Additionally, shares of Coinbase (COIN) rose by 11.4%, and MicroStrategy (MSTR), the company of Bitcoin (BTC) maximalist Michael Saylor, soared by 16.7% at the time of this writing.

Political unrest and the 2024 Presidential election

A failed assassination attempt on former President Trump over the weekend boosted the pro-crypto candidate’s odds of winning the 2024 election on major online betting platforms. Trump’s potential 2024 re-election is seen as a bullish sign by speculators and investors.

Following the assassination attempt, the Republican candidate announced he would still attend and speak at the upcoming Bitcoin conference in Nashville, Tennessee, on July 27.

Political events aside, it’s also worth noting that German authorities concluded their sales of Bitcoin on July 12, which eased selling pressure and acted as a catalyst to drive prices higher over the weekend.

Bitcoin ETFs see massive inflows

Data from the latest CoinShares flows report, dated July 15, showed that Bitcoin exchange-traded funds, products and trusts experienced huge inflows over the weekend. Bitcoin investment vehicles attracted $1.35 billion in capital, mainly driven by investors in the United States.

During Bitcoin’s price decline over the past several weeks, institutions bought the dips created by the German government’s large BTC sales and the fear, uncertainty and doubt created by news of the Mt. Gox compensation plan.

On July 15, BlackRock CEO Larry Fink, the world’s largest asset manager, appeared on CNBC to explain his change of heart regarding Bitcoin, calling the supply-capped asset “digital gold” and a “real” financial instrument.

On the supply side, the political and institutional tailwinds signaling greater Bitcoin adoption by state and corporate entities are corroborated by US-based miners hodling Bitcoin in anticipation of future price increases.

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