On Monday evening, the price of bitcoin temporarily spiked to more than $70,000 in anticipation of the November election and a new upcoming earnings report from MicroStrategy, the largest corporate holder of bitcoin.

Cryptocurrency-linked stocks like MicroStrategy and Coinbase, America’s largest registered crypto exchange, both saw positive price momentum on Monday, with Coinbase’s stock seeing more than 5% growth and MicroStrategy’s shares improving by almost 9%.

Coinbase and MicroStrategy are both expected to unveil new earnings reports this week, with MicroStrategy closing Monday on its highest price since mid-March.

Bitcoin market analysts are increasingly bullish that bitcoin will break its March all-time high of $73,797 later this year, especially as the U.S. Federal Reserve announces another decision on interest rate cuts after the U.S. presidential election.

The 2024 presidential contest looks likely to usher in new crypto policy and perhaps a new head of the U.S. Securities and Exchange Commission (SEC), two long-awaited goals of the beleaguered $2.49 trillion industry.

Adding to the optimism around cryptocurrency, former president Donald Trump disavowed his previous disdain for digital assets and endorsed bitcoin during this year’s annual Bitcoin Conference in Nashville – pledging to transform the United States into the world’s de facto “crypto capital.” The crypto industry has decided to reward Trump by providing extensive financial support for his political campaign, as Trump promises to fulfill key goals of crypto voters, including freeing Silk Road operator Ross Ulbricht, supplanting Gary Gensler with a pro-crypto figure at the SEC, and improving regulatory clarity around digital asset. According to a recent Public Citizen report, the crypto industry has spent an “unprecedented $119 million influencing elections” this year, and will likely continue to deploy its sizable war chest in upcoming election cycles in the hope of steering crypto policy.