Crypto Stocks Jump as Bitcoin Surges Above $106,000

Tiger Newspress12-16

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

Crypto stocks jumped in morning trading Monday. Bakkt Holdings rose 9%; Hut 8 Minin rose 8%; TeraWulf and MARA Holdings rose 7%; Bitfarms and CleanSpark rose 5%; Coinbase and Canaan rose 4%; MicroStrategy and Riot Platforms rose 3%.

Bitcoin, the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.2% to $104,462. Smaller crypto ether rose 1.5% to $3,965.

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.

"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 alternate currency. Bitcoin is up 192% for the year.

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