Bitcoin topped $81,000 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 above $81,300.
At 4 p.m. ET Friday, the digital currency was at $76,783.86, up 14.1% over four sessions starting with Election Day.
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.
Bitcoin Stocks, ETFs
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. IBIT jumped 6% in Sunday night Robinhood trading.
Coinbase stock erupted for a 48% weekly gain to 270.74, just below a multiyear high. COIN stock leapt more than 10% on Robinhood.
Robinhood, a crypto-friendly trading app, leap 27.4% to 30.54, the highest in nearly three years. HOOD stock leapt almost 9% on Robinhood.
