Bitcoin Surges Above $70,000 as US Stocks Fall in Pre-Market Trading
US stock index futures were down across the board in pre-market trading on Thursday, August 20, as investors digested hawkish signals from the Federal Reserve's July meeting minutes and rising oil prices. Despite this, Bitcoin broke above $70,000 and rose to around $72,000, driving a surge in crypto-concept stocks.
Crypto-related stocks were among the top gainers in pre-market trading, with MicroStrategy (MSTR) surging over 10% and Coinbase (COIN) gaining over 7%. Moderna (MRNA) fell over 10% after experiencing profit-taking following its recent surge.
The US Treasury's expansion of long-term Treasury buybacks improved liquidity expectations, while Trump's threat to launch larger-scale economic pressure on Iran continued to push up crude oil risk premiums. The market is also awaiting labor and manufacturing data for clues on the Fed's September policy path.