Crypto stocks rally as Bitcoin surpasses $66K

On Oct. 14, publicly traded crypto-related companies experienced a significant boost as Bitcoin (CRYPTO:BTC) surged 6%, reaching $66,400 — its highest price since July 30.

Bitcoin miner CleanSpark led the day’s gains, closing up 12.72% at $10.81 and rising further after hours to $11.

Crypto exchange Coinbase  also performed well, closing with an 11.3% gain at $196.35, its highest in seven weeks.

After-hours trading saw it climb an additional 1.71%.

Similarly, crypto miner Iris Energy posted a 10.21% gain, while competitors TeraWulf and Marathon Digital Holdings rose by 6.65% and 5.6%, respectively.

These increases mirrored Bitcoin’s strong 5.7% price jump over the last 24 hours.

Analysts have speculated that this marks the beginning of "Uptober," a historically bullish period for Bitcoin, which has seen price increases in nine of the last 11 Octobers, according to CoinGlass data.

On-Chain College, a Bitcoin analyst, pointed out that Bitcoin cleared its 200-day moving average and short-term holder cost basis at $62,600, both key indicators of a bullish market.

Meanwhile, Dan Tapiero, founder of 10T Holdings, suggested that Bitcoin is on the verge of breaking the $70,000 threshold.

With Bitcoin’s 2024 halving event and the upcoming U.S. election on the horizon, market sentiment remains optimistic.

CK Zheng, chief investment officer of ZX Squared Capital, predicts these factors could push Bitcoin beyond its all-time high of $73,738 later this year or shortly after.

At the time of writing, the Bitcoin price was $65,803.25.