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Crypto Stocks Swing Wildly After Bitcoin Tops $100,000
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Main points
- Shares of cryptocurrency companies were volatile Wednesday night after the price of Bitcoin climbed above $100,000.
- The rally was driven in part by President-elect Donald Trump’s selection of cryptocurrency enthusiast Paul Atkins to lead the U.S. Securities and Exchange Commission.
- Shares of companies including MicroStrategy and Coinbase, as well as Bitcoin miners Riot Platforms and Mara Holdings, rose and then fell today.
Cryptocurrency company shares swayed as Bitcoin gyrated on Thursday Transaction price exceeds $100,000 Then retreat.
MicroStrategy (Magnetic transmission technology), a business intelligence service provider Largest corporate shareholder Bitcoin shares rose 10% intraday, but ended up down about 4%. Cryptocurrency exchange Coinbase (coin) rose 3% before the close.
Other stocks that rose early in the session but ended lower include Bitcoin mining company Riot Platforms (riot) and Mara Holdings (Mara). At the end of the day, both fell more than 4%.
President-elect Donald Trump’s picks for Wednesday’s news Paul Atkins lead Securities and Exchange Commission Helped fuel the latest rally in Bitcoin and other crypto assets.
Atkins was an SEC commissioner under former President George W. Bush and recently worked on issues related to digital assets. Atkins will replace cryptocurrency critic Gary Gensler, who said he would Step down January.
The promise of a more crypto-friendly government has pushed Bitcoin prices up more than 50% since the day before Trump’s victory. Bitcoin has recently been trading near $95,000, after breaking above $103,000 earlier.
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