Crypto-Linked Stocks see price rally as Bitcoin tops $66K

On October 14, publicly traded cryptocurrency-related companies in the U.S. experienced significant gains as Bitcoin surged by 6%, briefly reaching $66,400, its highest level since late July.

CleanSpark, a Bitcoin mining company, saw the biggest rise of the day, ending up 12.72% at $10.81, and continued its momentum after hours with a 1.72% increase to $11, according to Google Finance data.

Coinbase, the popular cryptocurrency exchange, also performed well, climbing 11.3% to close at $196.35 — its highest point in seven weeks — and further increased 1.71% in after-hours trading to hit $199.70.

Iren, previously known as Iris Energy, also posted notable gains with a 10.21% rise, while other mining firms like TeraWulf and MARA Holdings (formerly Marathon Digital) saw their shares rise by 6.65% and 5.6%, respectively.

Semler Scientific, a medical device firm that has mirrored MicroStrategy’s Bitcoin investment approach, had a flat day but surged 4.3% in after-hours trading. Meanwhile, Block, a digital payments company, saw its shares increase by 2.8%, according to Yahoo Finance.

MicroStrategy, known for its large Bitcoin holdings of 252,220 BTC valued at $16 billion, was one of the few companies that declined, closing 5.1% lower at $201.67 but saw a minor recovery after hours, gaining 1.65% to reach $205. Another Bitcoin miner, Core Scientific, dropped by 1.9% to $12.97, with a slight after-hours rise to $13.05.

These gains followed a 5.7% increase in Bitcoin’s price over 24 hours, briefly pushing it to levels not seen since July 30. This rise has fueled speculation among industry experts that the so-called “Uptober” could be in full swing.

In a post on X (formerly Twitter), Bitcoin analyst On-Chain College highlighted that Bitcoin crossed two significant bullish indicators: the 200-day moving average and the short-term holder cost basis at $62,600. These signs point toward the potential for further price growth.

“Has Uptober begun?” On-Chain College asked.

Dan Tapiero, founder of the crypto investment firm 10T Holdings, suggested in an X post that Bitcoin is close to breaking through the $70,000 mark.

Historically, October has been a strong month for Bitcoin, with prices rising in nine out of the last eleven Octobers, according to CoinGlass data. This trend often sets the stage for a strong final quarter.

CK Zheng, chief investment officer at crypto hedge fund ZX Squared Capital, believes factors like the upcoming U.S. election and Bitcoin’s 2024 halving event could drive the price to surpass its all-time high of $73,738 in the coming months.

As of now, Bitcoin is trading at $66,270, which is still 10.4% below its peak from March 14, according to CoinGecko.

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