Bitcoin (BTC-USD) is breaking above a key technical level in Monday midday trading, giving a boost to a slew of cryptocurrency-related stocks.
The highest-profile token (BTC-USD) advanced 1.7% to $37.2K at 12:13 p.m. ET, after reaching as high as $36.6K earlier in the session. Bitcoin has flirted with the $37K mark numerous times this month, though it has failed to fully break out.
The upswing comes shortly after Javier Milei, a pro-bitcoin (BTC-USD) candidate, won Argentina’s presidential election. Although Milei has not proposed making the coin legal tender in the country, he is seeking to shutter the central bank.
Crypto-linked stocks in the green include: MicroStrategy (MSTR) +3.1%, Coinbase (COIN) +4.4%, Bakkt (BKKT) +18.5%, Core Scientific (OTCPK:CORZQ) +8.5%, Riot Platforms (RIOT) +4.4% and Marathon Digital (MARA) +2.6%.