Crypto Stocks Jump As Bitcoin Rises to $118K; Upexi up 13%; BTCS up 9%; Bit Digital up 8%; Sharplink Gaming up 7%
Crypto stocks jumped in premarket trading on Friday.
Upexi rose 13%; BTCS rose 9%; Bit Digital up 8%; Sharplink Gaming rose 7%; Bitfarms up 6%; Canaan, Riot Platforms, MARA rose 4%; Strategy up 3%; Coinbase up 2%.
Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from U.S. President Donald Trump's administration. Bitcoin broke through $11,800, hitting a new all-time high with a 24-hour price increase of 6.25%.
"Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world's second-largest cryptocurrency, similarly jumped nearly 7% to $2,996.
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