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The Key Takeaways
- Bitcoin, the cryptocurrency price, rose above $100,000 in late Wednesday.
- The rally was spurred in part by President-elect Donald Trump's pick of crypto enthusiast Paul Atkins to lead the SEC.
- MicroStrategy, Coinbase and bitcoin mining companies Riot Platforms and Mara Holdings were some of the firms that saw their share prices rise, then drop, today.
Shares of companies with a focus on cryptography were very volatile as Bitcoin traded over $100,000, then fell.
MicroStrategy, a provider of business intelligence and the world’s largest corporate Bitcoin holder, has seen its shares rise up to 10% intraday. However, they finished 4% down. Coinbase, a cryptocurrency exchange (COIN), rose during the day before ending it 3% lower.
Riot Platforms RIOT, and Mara Holdings MARA were two other bitcoin-mining companies that started out higher but ended the day lower. The two stocks ended the day with a loss of more than 4 percent.
The news on Wednesday that Donald Trump had appointed Paul Atkins as the new head of the Securities and Exchange Commission has helped to drive bitcoin and other cryptocurrency assets up in the last round.
Atkins was a SEC commissioner under the former president George W. Bush. He has been working on digital asset issues in recent months. Atkins replaces Gary Gensler as the crypto critic. Gensler announced that he will step down at the end of January.
Bitcoin prices have risen by more than half since Trump won the election. Bitcoin has recently been trading nearer $95,000. It had previously traded above $103,000.
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