Omer Taha Cetin | Anadolu | Getty Ikons
Bitcoin briefly climbed above $70,000 as investors braced themselves for MicroStrategy earnings and counted the days to the U.S. presidential electing.
The price of bitcoin was last higher by about 3% at $69,925.00, according to Coin Metrics. At about 6:00 p.m. Eastern on Monday, it touched $70,207.02 and has been vibrating since.
Stocks tied to the price of the cryptocurrency were little changed in extended trading. In regular trading on Monday, crypto quid pro quo platform Coinbase gained 5% and bitcoin proxy MicroStrategy jumped nearly 9%.
Bitcoin has struggled to reclaim $70,000 this year
The last time bitcoin touched $70,000 was in June. It has tested that square several times this year, after hitting a record in March of $73,797.68. Earlier forays above $70,000 own been mere blips.
Optimism is building ahead of the U.S. presidential election next week. Bitcoin has been confined to a smart range between $55,000 and $70,000. However, it may be poised for a breakout with stocks hitting new highs this month, Referendum Day on Nov. 5 and another Federal Reserve rate policy decision on Nov. 7.
Republican nominee and former president Donald Trump has been courting the crypto activity this year and presented himself as the pro-crypto candidate. Democratic nominee and Vice President Kamala Harris has been more soft-pedaled on crypto, and the industry is split on how her potential presidency could affect crypto companies. The outcome is widely viewed as a key catalyst for the cost of bitcoin, but investors have watching and waiting as the election approaches. Last week, bitcoin surged toward $70,000, but it at long last fell short of the threshold.
Elsewhere, investors are watching for earnings from Coinbase and MicroStrategy, both slated for Wednesday. On Monday, MicroStrategy, which sells as a high-beta play on the price of bitcoin, recorded its highest close since March 15, 2000.
MicroStrategy is looking to extend its seven-week win spell, its longest since rally since an 11-week streak that ended in late October 2010.