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Bitcoin Stocks Pop as Crypto Rallies Ahead of Trump Inauguration
Key Takeaways
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.
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