Bitcoin’s price surged above $100,000 on Wednesday, with shares of companies related to the cryptocurrency also experiencing significant swings.
The rally was fueled in part by President-elect Donald Trump’s announcement that he would appoint Paul Atkins, a crypto enthusiast and former SEC Commissioner under George W. Bush, as the new head of the Securities and Exchange Commission. This move is seen as more favorable for cryptocurrencies than previous administrations.
Companies such as MicroStrategy and Coinbase, which hold significant amounts of Bitcoin, saw their shares rise initially but then fell. Other companies, including Riot Platforms and Mara Holdings, also experienced fluctuations in their stock prices.
The news has driven bitcoin’s price up by over 50% since Trump’s election win, with the recent price near $95,000 after reaching as high as $103,000 earlier this week.
Source: https://www.investopedia.com/crypto-stocks-swing-after-bitcoin-tops-usd100-000-coinbase-microstrategy-8756610