Key Points
- Bitcoin’s recent recovery has led to a rally in crypto stocks, with notable gains in publicly traded crypto-linked firms.
- Despite this, Minneapolis Federal Reserve Bank President Neel Tushar Kashkari maintains that Bitcoin remains worthless.
Bitcoin’s [BTC] decline below the critical $60,000 mark last week had cast a shadow on the “Uptober” prospects.
However, the leading cryptocurrency has made a strong comeback, hitting a high of $66,500 on the 14th of October, its highest price since July.
Crypto Stocks Rally
This price increase triggered a double-digit rally for publicly traded crypto-linked firms in the U.S.
Bitcoin mining company, CleanSpark (CLSK), posted the highest gains of 12.72%, according to Google Finance.
This was closely followed by Coinbase (COIN), which appreciated by 11.32%.
Other gainers included LM Funding America (LMFA) up by 10.94%, TeraWulf (WULF) rising 6.65%, and Marathon Digital Holdings (MARA) climbing 5.60%.
At the time of writing, Bitcoin was trading at $65,657, gaining 9.04% over the past month and more than 144% in the last year.
Driving Factors Behind Bitcoin’s Surge
The rally in crypto stocks comes as Bitcoin benefits from heightened investor interest.
This is partly due to anticipation surrounding the upcoming U.S. presidential elections, with both the Republican and Democratic parties adopting a pro-crypto stance.
This has increased the possibility of further upside for Bitcoin, regardless of whether Donald Trump or Vice President Kamala Harris wins the presidency.
Despite the growing acceptance and support from the larger community, Bitcoin continues to face skepticism from traditional financial leaders and institutions.
On the 14th of October, Minneapolis Federal Reserve Bank President Neel Tushar Kashkari stated that Bitcoin remains worthless after 12 years.
Kashkari emphasized that despite the longevity of digital assets, crypto has not been able to establish itself as a viable currency.
However, Bitcoin’s performance tells a different story—its $1.3 trillion market cap and 1.3 billion addresses, as per Glassnode, highlight its broad adoption, market confidence, and recognition as a valuable digital asset despite criticisms.
