Nasdaq, S&P 500 and Dow welcome “Santa Claus” rally ahead of Christmas break

Bitcoin (BTC-USD), one of the biggest beneficiaries of the post-election rally, rose over 5% and traded above $98,000 per coin. Although the cryptocurrency lost some momentum after surpassing $100,000 earlier this month, investors and analysts remain mostly optimistic for 2025.

Trump’s victory in November drove Bitcoin prices to an all-time high immediately after the election, with the government widely seen as friendlier to the alternative asset class.

In July, Trump attended a Bitcoin conference in Nashville and has since promised to introduce more supportive regulation. His promises also included appointing a crypto presidential advisory board and firing current SEC Chairman Gary Gensler, who announced his resignation on January 20.

Other cryptocurrencies and cryptocurrency-adjacent names reflected Bitcoin’s bullish move. Ethereum (ETH-USD) rose about 7% and traded at around $3,500 per coin.

Meanwhile, shares of MicroStrategy (MSTR), which owns nearly 280,000 bitcoins, rose around 6%. The company recently announced the purchase of an additional 51,780 Bitcoins for $4.6 billion. MicroStrategy now holds $16.5 billion worth of Bitcoin.

Coinbase (COIN), which enables crypto trading on its platform, saw shares rise nearly 3%.