Bitcoin Breaks $80,000: Strategy Soars 12%, Coinbase Jumps 10%

Bitcoin has crossed $80,000 for the first time. The world's largest cryptocurrency hit the milestone on Sunday, sparking sharp gains in crypto-related stocks. Strategy, formerly known as MicroStrategy, climbed 12%. The company holds more Bitcoin than any other public firm. Coinbase, the largest U.S. crypto exchange, jumped 10%. The rally follows growing demand for Bitcoin exchange-traded funds (ETFs) — investment funds that track Bitcoin's price and trade on stock exchanges. Investors are also betting that the incoming U.S. administration will take a friendlier stance on crypto. Bitcoin has now more than doubled in value this year.