Bitcoin briefly topped $80,000 early Sunday as cryptocurrencies continued to surge following the Nov. 5 elections. President-elect Donald Trump was pro-crypto during the campaign and is expected to offer a friendlier regulatory regime for digital currencies. That should be a positive tailwind for bitcoin ETFs and related stocks such as Coinbase Global (COIN) and Robinhood Markets (HOOD).
Bitcoin is currently trading at $79,807.55 after reaching $80,092 early Sunday.
At 4 p.m. ET Friday, the digital currency was at $76,783.86, up 14.1% over four sessions starting with Election Day.
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At a crypto conference in July, Trump pledged to make the U.S. the “crypto capital of the planet and the bitcoin (BTC-USD) superpower of the world.”
Trump has said he will hire regulators who support cryptocurrencies and hold bitcoin in a strategic national stockpile.
Some cryptocurrency analysts have pegged $100,000 as the next big bitcoin price target, perhaps as by year-end.
Cryptocurrency Prices And News
The weekend gains are a positive sign for bitcoin ETFs and crypto-related stocks.
The iShares Bitcoin Trust ETF (IBIT) leapt 11% last week to 43.69, hitting a record highs.
Coinbase stock erupted for a 48% gain to 270.74, just below a multiyear high.
Robinhood stock a crypto-friendly trading app, leap 27.4% to 30.54, the highest in nearly three years.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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