Key Takeaways
- The price of Bitcoin climbed above $104,000, sending stocks linked to the popular cryptocurrency higher.
- Crypto exchanges, Bitcoin miners and companies that hold the cryptocurrency as an asset are among the beneficiaries.
- Bitcoin’s price has jumped nearly 50% since Donald Trump’s presidential election win.
Bitcoin-associated stocks jumped Friday after the cryptocurrency’s price climbed above $104,000.
MicroStrategy (MSTR), the largest corporate holder of bitcoin, saw its shares climb more than 7% by early Friday afternoon.. Cryptocurrency exchange Coinbase’s (COIN) stock rose around 5%. Bitcoin miner Riot Platforms (RIOT) jumped 6% and Mara Holdings (MARA) climbed about 13%.
Bitcoin has been on a tear lately, surging nearly 50% since Donald Trump’s election victory partly on optimism that the incoming administration will be more favorable to crypto. The cryptocurrency hit an all-time high above $108,000 last month.
In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.
Trump will also likely have the opportunity to replace several SEC commissioners whose terms are set to expire during his administration.
