Bitcoin briefly topped $70,000 for first time since June

Omar Taha Setin | Anadolu | Getty Images

Bitcoin Shares briefly climbed above $70,000 as investors braced for MicroStrategy earnings and counted the days until the U.S. presidential election.

Bitcoin prices recently rose about 3% to $69,925.00, according to Coin Metrics. It hit $70,207.02 around 6 pm ET on Monday and has been oscillating ever since.

Stocks linked to cryptocurrency prices were little changed in extended trading. In regular trading on Monday, cryptocurrency trading platform Coin library Up 5% and Bitcoin Proxy micro strategy up nearly 9%.

Bitcoin struggles to regain $70,000 this year

Bitcoin last hit $70,000 in June. It has tested that level several times this year after setting a record of $73,797.68 in March. Previous attempts to break $70,000 were short-lived.

Optimism is growing ahead of next week’s U.S. presidential election. Bitcoin has been confined to a tight range between $55,000 and $70,000. However, with stocks hitting new highs this month, Election Day on Nov. 5, and the Federal Reserve’s interest rate policy decision on Nov. 7, the stock could be poised for a breakout.

Republican candidate and former President Trump has been courting the crypto industry this year, describing himself as a pro-cryptocurrency candidate. Democratic candidate and Vice President Kamala Harris has been more reticent on cryptocurrencies, with the industry divided over how her potential presidency would impact crypto companies. The outcome was widely seen as a key catalyst for Bitcoin prices, but investors have been watching and waiting as the election approaches. Last week, Bitcoin surged to $70,000 but ultimately failed to breach the threshold.

Elsewhere, investors are watching earnings reports from Coinbase and MicroStrategy, both of which are scheduled to report on Wednesday. On Monday, MicroStrategy, which trades as a high-beta Bitcoin price, posted its highest closing price since March 15, 2000.

MicroStrategy is looking to extend its seven-week winning streak, its longest since an 11-week streak that ended in late October 2010.