Bitcoin (BTC) Rallies 6% to Reach $66.4K, Impacting Crypto-Linked Stocks

On October 15, Bitcoin made headlines by rallying 6% to reach $66,400, its highest price since July 30.

Bitcoin price surged on October 15, rallying by 6% to reach $66,400, marking its highest price since July 30. This surge had a positive impact on several publicly traded crypto-linked companies in the United States, with some companies reporting significant gains.

notably, the price surge coincided with election campaigns, where candidates like Kamala Vice President Kamala Harris and former President Donald Trump are pushing for better crypto industry regulations. Harris is generally viewed as being friendlier toward crypto than President Biden, while Trump is considered to be more pro-industry.

According to Google Finance data, Bitcoin miner CleanSpark (CLSK) was the day's standout performer, closing with a 12.72% gain at $10.81 and continuing to rise by 1.72% after hours to reach $11. Crypto exchange Coinbase (COIN) followed closely, surging by 11.33% to reach $196.35, which was a seven-week high, and climbing by 1.71% after hours.

Other crypto miners also posted impressive gains. Iris Energy (IREN) jumped by 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 by 4.3% after hours. According to Yahoo Finance, Block Inc. saw a 2.8% increase.

However, business intelligence firm MicroStrategy (MSTR), which holds over 252,000 BTC, bucked the trend by dropping 5.1% to reach $201.67 but recovered slightly after hours.

This market rally came as Bitcoin rose by 5.7% over the past 24 hours, which sparked speculation about the beginning of "Uptober," a historically bullish month for Bitcoin. According to Bitcoin analyst On-Chain College, Bitcoin surpassed key support levels, indicating a potential price breakthrough.

Currently, Bitcoin is trading at $65,395, which is 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 speculate that it could help Bitcoin break past its previous record in the fourth quarter.

Bitcoin's recent surge is influenced by growing investor optimism and the possibility of a more favorable regulatory environment. With candidates like Harris and Trump highlighting the need for better regulations, the crypto market may experience increased confidence moving forward.

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