Crypto stocks see price rally as Bitcoin tops $66K

Publicly traded crypto-linked firms in the United States saw gains on Oct. 14 as Bitcoin rallied 6% to briefly hit $66,400 — its highest price since July 30.

Bitcoin (BTC $65,579) miner CleanSpark was the strongest performer for the day, closing up 12.72% at $10.81 and continuing to climb 1.72% after hours to $11, Google Finance data shows.

Crypto exchange Coinbase followed, closing with an 11.3% gain at $196.35 — a seven-week high — and continued to climb 1.71% to $199.70 in after-hours trading.

Crypto miner Iren — formerly Iris Energy — also saw double-digit percentage point gains of 10.21%, while competitors TeraWulf and MARA Holdings, formerly Marathon Digital, rallied 6.65% and 5.6%, respectively.

Change in the share price of the eight largest crypto mining firms by market cap on Oct. 14. Source: Companies Market Cap

Semler Scientific — a medical manufacturing firm that copied MicroStrategy’s Bitcoin-buying playbook — traded flat on Oct. 14 then increased 4.3% in after-hours trading, while digital payments firm Block gained 2.8%, Yahoo Finance data shows.

Business intelligence firm MicroStrategy — which holds 252,220 BTC worth $16 billion — was one of the few that closed down on the day, dropping 5.1% to $201.67, but got a slight 1.65% bump to $205 after hours.

Bitcoin miner Core Scientific also fell by 1.9% to $12.97, with a slight recovery to $13.05 after the bell.

The rallies and after-hours gains came alongside a 5.7% bump in Bitcoin price over the last 24 hours — which saw it briefly hitting its highest price since July 30 — prompting some industry analysts to speculate if “Uptober” has finally begun.

Bitcoin analyst On-Chain College noted in an Oct. 14 X post that Bitcoin cleared its 200-day moving average and short-term holder cost basis of $62,600 — both key bull market support levels signaling a possible price breakthrough.

“Has Uptober begun?!” On-Chain College pondered.

In an Oct. 14 X post, Dan Tapiero, founder of crypto investment firm 10T Holdings, said Bitcoin is “on the verge” of breaking through $70,000.

“Uptober” — a bullish term for October that has seen Bitcoin’s price increase in nine of the last 11 Octobers — often kickstarts strong fourth quarters for Bitcoin, CoinGlass data shows.

Bitcoin’s month-on-month returns since 2013. October highlighted in blue. Source: CoinGlass

CK Zheng, a chief investment officer of crypto hedge fund ZX Squared Capital, said the 2024 halving event and the upcoming US election could help push Bitcoin above its all-time high price of $73,738 in the fourth quarter — or soon after.

Bitcoin is currently trading at $66,270 — still 10.4% off its all-time high set on March 14, CoinGecko data shows.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.