Crypto stocks saw a significant rally on July 15, coinciding with a surge in Bitcoin prices. This market movement was attributed to the increasing odds of former President Donald Trump winning the United States presidential election in November.

Mining Stocks and Major Gains

The price rallies prominently impacted mining stocks such as Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), which saw gains of 17%, 16%, and 16.2%, respectively. Additionally, shares of Coinbase (COIN) rose by 11.4%, while MicroStrategy (MSTR) soared by 16.7%.

Political Influence and Election Dynamics

A thwarted assassination attempt on former President Trump over the weekend boosted his odds of winning the 2024 election on popular online betting platforms. Speculators and investors view Trump’s potential reelection as a bullish sign for the crypto market.

Reduced Selling Pressure and Price Catalysts

Beyond political events, the German government concluded its Bitcoin sales on July 12, reducing selling pressure and acting as a catalyst to drive prices higher over the weekend.

Significant Inflows into Bitcoin ETFs

Data from the latest CoinShares flows report, dated July 15, revealed large inflows into Bitcoin exchange-traded funds, products, and trusts over the weekend. Bitcoin investment vehicles attracted $1.35 billion in capital, primarily from investors in the United States.

During Bitcoin’s price decline in recent weeks, institutions bought the dips created by the German government’s substantial BTC sales and the fear, uncertainty, and doubt surrounding the Mt. Gox reimbursement plan.

Institutional Support and Future Outlook

On July 15, BlackRock CEO Larry Fink, head of the world’s largest asset manager, appeared on CNBC to discuss his changed perspective on Bitcoin, referring to the supply-capped asset as “digital gold” and a “legitimate” financial instrument.

On the supply side, political and institutional support signaling greater Bitcoin adoption by state and corporate entities is further supported by US-based miners holding onto their Bitcoin in anticipation of future price increases.

Source: Cointelegraph