Key Takeaways: The recent surge in Bitcoin’s price above $100,000 has had a significant impact on the shares of cryptocurrency companies.
The rally was partially driven by President-elect Donald Trump’s appointment of crypto enthusiast Paul Atkins to lead the SEC.
Companies like MicroStrategy and Coinbase, along with bitcoin miners Riot Platforms and Mara Holdings, experienced a rise and subsequent fall in their shares.
MicroStrategy (MSTR), the largest corporate holder of Bitcoin, saw its stock rise by up to 10% intraday but ended 4% lower.
Crypto exchange Coinbase (COIN) also rose before closing the day down by 3%.
Bitcoin mining companies Riot Platforms (RIOT) and Mara Holdings (MARA) both finished the day down more than 4%.
The news of Paul Atkins’ appointment to the SEC, who has a background in digital assets, helped drive the latest gains for Bitcoin and other crypto assets.
Atkins is set to replace crypto critic Gary Gensler, who is stepping down in January.
The prospect of a more crypto-friendly administration has led to a more than 50% increase in Bitcoin’s price since the day before Trump’s election win.
Bitcoin recently traded closer to $95,000 after reaching a peak of over $103,000.
