Crypto Stocks Mixed As Bitcoin Rallies Past $108,000

Tiger Newspress12-17

Bitcoin's record rally topped $108,000 on Tuesday after President-elect Donald Trumpreiterated that he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

Investor sentiment also got a lift from the inclusion of MicroStrategy into the tech-heavy Nasdaq 100 index that will likely lead to more inflows for the software firm turned bitcoin buyer.

Bitcoin, the world's biggest and best known cryptocurrency, extended gains to a session high of $108,392 and was most recently at $108,066, up 2.1%.

Crypto stocks mixed in morning trading Tuesday. Hut 8 Mining and The9 rose 3%; Riot Platforms and MARA Holdings rose 2%; MicroStrategy fell 2%; Bakkt Holdings and BIT Mining fell 4%; SOS Limited fell 7%.

"We're in blue sky territory here," said Tony Sycamore, an analyst at IG. "The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."

Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternative currency. Bitcoin is up about 150% in 2024.

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