Key insights

• Bitcoin rose on Monday, boosting stock prices associated with the cryptocurrency.

• The moves came as broader markets, including the tech-focused Nasdaq Composite, rose earlier in the week.

• They also follow statements from Vice President Kamala Harris and former President Donald Trump that could suggest Washington may be moving towards a more crypto-friendly stance.

Bitcoin (BTCUSD) rose on Monday, boosting shares of Coinbase Global (COIN) and other stocks linked to the cryptocurrency.

According to CoinDesk data, Bitcoin price was recently around $66,000 and was up around 6% in the last 24 hours. That helped stocks of companies like crypto exchange Coinbase, major Bitcoin holder MicroStrategy (MSTR) and crypto mining company Marathon Digital (MARA). Coinbase shares were recently up about 9%.

The moves came as broader markets, including the tech-focused Nasdaq Composite, rose earlier in the week. Bitcoin trading is near recent highs, although slightly below 2024 highs.

They also follow a policy statement from Vice President Kamala Harris, the Democratic presidential candidate, in which she cites her support for “a regulatory framework for cryptocurrencies and other digital assets.” The statement, along with previous comments from former President Donald Trump, her Republican opponent, could suggest that Washington may be moving toward a more crypto-friendly stance, regardless of who wins the election. Trump has used social media in recent days to promote the upcoming sale of a crypto token.

Coinbase is expected to report its latest quarterly results at the end of the month.

Read the original article on Investopedia.