Zinger Key Points
- Bitcoin's recent rally, fueled by softer inflation data and pro-cryptocurrency policy speculation, has driven related stocks.
- Analysts highlight Bitcoin’s technical setup and dominance metrics as critical indicators, while cautious optimism also rise.
- Get the Real Story Behind Every Major Earnings Report
Shares of MicroStrategy Incorporated MSTR, Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT are rising alongside Bitcoin's continued upward momentum.
Strength in Bitcoin BTC/USD is possibly being driven by speculation surrounding President-elect Donald Trump's upcoming executive order aimed at declaring cryptocurrency a national priority. This order is expected to include measures that would re-assess federal policies on digital assets and possibly pause ongoing litigation. Additionally, there are talks of creating a national Bitcoin reserve, a move that aligns with Trump's past campaign promises to attract cryptocurrency enthusiasts.
The anticipation of a more crypto-friendly government policy could bode well for companies like MicroStrategy, which holds substantial Bitcoin reserves and miners like Marathon and Riot, who benefit directly from Bitcoin’s value increase.
Price Action: Microstrategy shares were up 6.21% at $389.82, Marathon Digital shares were up 7.38% at $19.63 and Riot Platforms shares were up 5.15% at $13.99 at the time of writing, according to Benzinga pro.
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