Cryptocurrency stocks rose in premarket trading on Friday, following strong gains in Bitcoin (BTC).
The world's largest crypto asset is up more than 4.7% over the past 24 hours, trading at $67,346.0 as of 09:49 GMT.
The rally helped BTC recoup some of its losses from earlier this week as cryptocurrency markets focused on Republican presidential candidate Donald Trump’s speech at the Bitcoin Conference this weekend.
The positive sentiment extended to crypto-related stocks, with shares of MicroStrategy (MSTR) and MARA (MARA) up more than 5% and 6%, respectively.
Similarly, Riot Platforms (NASDAQ:) added 6%, Coinbase (NASDAQ:) rose 5% and Cipher Mining (NASDAQ:) gained 7%.
Former President Trump is scheduled to deliver a keynote address at the Bitcoin Conference in Nashville on Saturday.
Trump has recently taken a pro-crypto stance in his campaign efforts, and traders will be eager to see if he continues this rhetoric during his speech. They also expect him to outline plans for clearer regulation of the cryptocurrency industry in the United States.
Last week, Bitcoin saw a boost amid speculation about a possible Trump presidency, especially after he gained approval ratings following a failed assassination attempt. In addition, expectations of a Federal Reserve rate cut in September are rising.
But overall, the leading cryptocurrency faced significant selling pressure in recent weeks as investors moved away from risky assets in global financial markets. This trend particularly affected the highly speculative cryptocurrency sector.
The market pressure was fueled in part by continued payments to creditors of Mt. Gox, a former cryptocurrency exchange that went bankrupt nearly a decade ago.
