Key Takeaways

The price of bitcoin (BTC) turned slightly lower early Tuesday afternoon after crossing the $65,000 level in late trading Monday.

Bitcoin was trading above $64,000 Tuesday after crypto exchange Kraken received more than $3 billion worth of bitcoin for distribution over the next few weeks to Mt. Gox customers, according to a report in The Block.

Two major developments in the past 24 hoursRepublican presidential nominee Donald Trump's pick to be his running mate and a potential spot ether ETF approval next weekmay have driven bitcoin higher and brought gains to cryto-related stocks as well.

Shares of Riot Platforms (RIOT) gained more than 5%, Marathon Digital (MARA) was up 4%, MicroStrategy (MSTR) added 2%, and Coinbase (COIN) was up more than 1% as of 1:15 p.m. ET Tuesday.

Former President Donald Trump is making efforts to get the attention of crypto industry. Even as the rising odds of his victory sent bitcoin higher yesterday, Trump announced J.D. Vance as his running mate for the 2024 U.S. presidential election.

A Republican senator from Ohio, Vance is also a bitcoin investor. He previously disclosed holding up between $100,000-$250,000 worth of bitcoin in 2022, and more recently, drafted industry-friendly crypto legislation, according to Politico.

And some in the crypto industry were quick to throw their weight behind that nomination.

"Trump - Vance is a phenomenal ticket period," Riot Platforms' Head of Public Policy Brian Morgenstern posted on X. "But its an absolute dream come true for #Bitcoin & Bitcoiners, and the broader crypto community."

The demand created by spot bitcoin exchange-traded funds (ETFs) is credited for fueling a rally in bitcoin prices in the first half of the year. While spot ether ETFs may not inspire a similar rush to invest, the optimism around their approval may be pushing bitcoin prices higher.

According to Bloomberg Senior ETF Analyst Eric Balchunas, discussions between the U.S. Securities and Exchange Commission (SEC) and prospective spot ether ETF issuers regarding the related S-1 filings have progressed to the point where the launch of this new financial instrument is now expected next week.

"Hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH," Balchunas posted on X. "This is provided no unforeseeable last min issues of course!"

The price of ether (ETH), which is the underlying cryptocurrency of the Ethereum network, is roughly flat since Balchunas's post. However, it's worth noting that the approval of various spot ether ETFs this summer was already expected.

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Cryptocurrency Price Movements Today: Bitcoin Tests $65K, Ether ETF Expected Next Week - Investopedia