Cryptocurrency stocks rose higher in premarket trading Friday, tracking strong gains in Bitcoin (BTC).
The world’s largest crypto asset climbed more than 4.7% in the past 24 hours, trading at $67,346.0 as of 09:49 GMT.
The upsurge helped BTC recover a part of its losses from earlier this week as crypto markets focused on Republican presidential nominee Donald Trump’s speech at the Bitcoin Conference this weekend.
The positive sentiment spilled into crypto-related equities, with shares of MicroStrategy (MSTR) and MARA (MARA) rising more than 5% and 6%, respectively.
Likewise, Riot Platforms (NASDAQ:RIOT) added 6%, Coinbase (NASDAQ:COIN) climbed 5%, and Cipher Mining (NASDAQ:CIFR) jumped 7%.
Former President Trump is scheduled to deliver a keynote speech at the Bitcoin Conference in Nashville on Saturday.
Recently, Trump has adopted a pro-crypto stance in his campaign efforts, and traders will be keen to see if he continues this rhetoric during his address. They are also hoping he will outline plans for clearer regulations in the U.S. crypto industry.
Bitcoin saw a boost last week amid speculation about a potential Trump presidency, especially after he gained approval ratings following a failed assassination attempt. In addition, expectations for a Federal Reserve rate cut in September are growing.
But for the most part, the premier cryptocurrency was facing significant selling pressure in recent weeks as investors moved away from risk-driven assets across global financial markets. This trend hit the highly speculative crypto sector particularly hard.
The market pressure was partly driven by the ongoing repayments to creditors of Mt. Gox, a former cryptocurrency exchange that fell into bankruptcy nearly a decade ago.