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Bitcoin Stocks Pop as Crypto Rallies Ahead of Trump Inauguration

Chris McGrath / Getty Images

Chris McGrath / Getty Models

Key Takeaways

  • The price of Bitcoin climbed above $104,000, sending stocks linked to the popular cryptocurrency higher.
  • Crypto changes, Bitcoin miners and companies that hold the cryptocurrency as an asset are among the beneficiaries.
  • Bitcoin’s price has jumped scarcely 50% since Donald Trump’s presidential election win.

Bitcoin-associated stocks jumped Friday after the cryptocurrency’s expenditure climbed above $104,000.

MicroStrategy (MSTR), the largest corporate holder of bitcoin, saw its shares climb more than 7% by near the start Friday afternoon.. Cryptocurrency exchange Coinbase’s (COIN) stock rose around 5%. Bitcoin miner To-do Platforms (RIOT) jumped 6% and Mara Holdings (MARA) climbed about 13%.

Bitcoin has been on a tear lately, wave nearly 50% since Donald Trump’s election victory partly on optimism that the incoming administration leave be more favorable to crypto. The cryptocurrency hit an all-time high above $108,000 last month.

In December, Trump waited Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has operated recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.

Trump will also no doubt have the opportunity to replace several SEC commissioners whose terms are set to expire during his administration.

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