Cryptocurrency stocks saw their value surge during pre-market trading on Friday, reflecting significant gains in the value of Bitcoin (BTC).
The most popular cryptocurrency saw its price rise by over 4.7% over the past 24 hours, reaching $67,346.0 USD as recorded at 09:49 GMT.
This increase in the value of Bitcoin contributed to a partial recovery from its previous declines this week, as attention in digital currency markets turned to the upcoming speech by Donald Trump, the Republican presidential candidate, at the Bitcoin conference this weekend.
The bullish outlook extended to cryptocurrency-related companies, with shares of MicroStrategy (MSTR) and Mathon Digital Holdings (MARA) rising more than 5% and 6%, respectively.
In a similar trend, Riot Platforms (RIOT) saw shares rise 6%, Coinbase (NASDAQ:COIN) shares rose 5%, and Cipher Mining (CIFR) saw shares rise 7%.
Donald Trump, the former US president, is expected to deliver the keynote address at the Bitcoin conference in Nashville on Saturday.
Trump has recently expressed his support for cryptocurrencies in his political campaign activities, and market participants are eager to see if he maintains this supportive tone in his upcoming speech. They are also looking at potential proposals to establish more specific regulations for the cryptocurrency industry within the United States.
Last week, Bitcoin's value was boosted by speculation regarding a possible future Trump presidency, especially after his public popularity increased following a failed attempt on his life. Furthermore, there is growing anticipation for a rate cut by the Federal Reserve in September.
