On October 14, publicly traded companies linked to cryptocurrency in the United States experienced notable increases as Bitcoin surged 6% to briefly reach $66,400 — its highest value since July 30.
CleanSpark (CLSK), a Bitcoin (BTC) mining operation, was the day’s top performer, closing with a 12.72% rise to $10.81 and continuing its upward trend with an additional 1.72% to $11 in after-hours trading, according to Google Finance data.
Next was crypto exchange Coinbase (COIN), which ended the day with an 11.3% gain, closing at $196.35 — a peak not seen in seven weeks — and moving further up by 1.71% to $199.70 in after-hours trading.
Crypto miner IREN (IREN), previously known as Iris Energy, also registered impressive gains at 10.21%, while peers TeraWulf (WULF) and MARA Holdings Inc (MARA), formerly Marathon Digital, rose by 6.65% and 5.6%, respectively.
Changes in share prices of the eight largest crypto mining firms by market capitalization on October 14. Source: Companies Market Cap
Semler Scientific (SMLR), a medical manufacturing company that adopted MicroStrategy’s approach to Bitcoin acquisition, remained stable on October 14 but gained 4.3% in after-hours trading. Meanwhile, digital payments company Block Inc. increased by 2.8%, as reported by Yahoo Finance.
MicroStrategy (MSTR), a business intelligence firm that holds 252,220 BTC valued at $16 billion, was among the few companies that closed in the negative, falling 5.1% to $201.67, but rebounded slightly by 1.65% to $205 in after-hours trading.
Core Scientific (CORZ), another Bitcoin miner, experienced a decrease of 1.9% to $12.97, with a minor recovery to $13.05 post-market.
The increases during and after hours came alongside a 5.7% rise in Bitcoin’s price over the previous 24 hours—elevating it to its highest price since July 30—leading some industry analysts to speculate whether “Uptober” has truly started.
Related: Harris surpasses Biden but trails Trump on cryptocurrency policy — Galaxy Research
An analyst at On-Chain College remarked in a post on October 14 that Bitcoin had surpassed its 200-day moving average and the cost basis of short-term holders at $62,600 — both significant indicators of potential bullish market support and a possible breakout.
“Could it be that Uptober has commenced?!” On-Chain College questioned.
Dante Tapiero, founder of the crypto investment firm 10T Holdings, mentioned in an October 14 post that Bitcoin is “on the brink” of breaking through the $70,000 mark.
Uptober, a term denoting a bullish October known for Bitcoin’s price increases in nine of the last eleven years, often serves as a precursor to strong fourth-quarter performance for Bitcoin, according to CoinGlass data.
Bitcoin’s month-on-month returns since 2013, with October highlighted in blue. Source: CoinGlass
CK Zheng, chief investment officer at crypto hedge fund ZX Squared Capital, believes that the upcoming 2024 halving event and the US election could propel Bitcoin to exceed its all-time high of $73,738 in the fourth quarter or shortly thereafter.
Bitcoin is currently trading at $66,270 — still 10.4% lower than its all-time high reached on March 14, as per CoinGecko data.
Magazine: Bitcoin ETFs transform Coinbase into a ‘honeypot’ for cybercriminals and regulators: Trezor CEO
