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The Key Takeaways
- Bitcoin’s price has risen above $104,000 and stocks that are linked to this popular crypto currency have also risen.
- Beneficiaries include cryptocurrency exchanges, Bitcoin miners and companies who hold cryptocurrencies as assets.
- Bitcoin's price has jumped nearly 50% since Donald Trump's presidential election win.
Stocks associated with Bitcoin soared Friday, after its price reached $104,000.
MicroStrategy, which is the world’s largest bitcoin holder by corporate volume, has seen its stock rise more than 7 percent as of early Friday. Coinbase shares (COIN) have risen around 5 percent. Bitcoin mining company Riot Platforms, (RIOT), jumped 6%. Mara Holdings, (MARA), climbed around 13%.
Bitcoin is on fire lately. It has risen nearly 50% in the last few months, partly due to optimism about a more crypto-friendly administration. Last month, the cryptocurrency reached an all-time record high of $108,000.
Trump appointed Paul Atkins as the new head of Securities and Exchange Commission in December. Atkins was a SEC commissioner for President George W. Bush. Gary Gensler is being replaced by a man who has worked on digital assets.
Trump may also have an opportunity to replace some SEC commissioners, whose term is set to end during his tenure.
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