yolowire.com - Stocks associated with Cryptocurrencies are surging after Bitcoin (CRYPTO: BTC) rose above the $100,000 U.S. milestone for the first time.
The stock of crypto exchange Coinbase Global (NASDAQ: NASDAQ:COIN) is up 5%, while the share price of serial Bitcoin acquirer MicroStrategy (NASDAQ: MSTR) is up nearly 10%.
Stocks of crypto mining companies such as MARA Holdings (MARA) are also up more than 5%.
The rally comes as Bitcoin, the largest cryptocurrency by market capitalization, trades at $102,800 U.S., having crossed the highly anticipated $100,000 U.S. threshold for the first time.
At one point, Bitcoin was as high as $103,844.05 U.S., a new record for the digital asset.
Cryptocurrencies have been rallying on expectations that president-elect Donald Trump will make good on his promise to turn the U.S. into the “crypto capital of the world.”
Bitcoin broke above $100,000 U.S. after Trump nominated Paul Atkins as chair of the U.S. Securities and Exchange Commission (SEC). Atkins is viewed as supportive of crypto.
There is also hope that Trump will deliver on several other campaign promises that include the establishment of a strategic Bitcoin reserve and applying no taxes on crypto transactions.
Bitcoin has now risen 132% on the year. It has gained almost 50% since the U.S. election was held on Nov. 5.