Bitcoin (CRYPTO: BTC) cryptocurrency gained as much as 5.3%, as measured from Thursday's market close, boosting a wide range of closely related investments in the process.

Bitcoin (CRYPTO: BTC) rose as much as 5.3% on Friday morning, as measured from Thursday's market close. The world's largest cryptocurrency enjoyed another strong week of gains, adding roughly 18% to its price since last Friday's opening bell.

Cryptocurrency markets have been rallying lately on the back of several encouraging news items. For example, the U.S. Securities and Exchange Commission is reportedly planning to create a new division that will be dedicated to overseeing the digital asset industry. At the same time, former President Donald Trump is now openly discussing the possibility of launching a new presidential campaign in 2024. If he decides to run again, Trump has promised to push for the creation of a more robust regulatory framework around creating, owning, and trading cryptocurrencies in America. If Trump holds up his part of the deal on Monday, the price gains could continue next week.

Elsewhere in the digital asset sector, several Bitcoin-related stocks also enjoyed outsized gains on Friday morning. For example, Canaan (NASDAQ: CAN) stock gained as much as 11.6%, while shares of Marathon Digital (NASDAQ: MARA) rose by 7.2% at one point this morning. Both of these companies are closely tied to the health of the Bitcoin market, and their gains today reflect the cryptocurrency's strong performance.

Canaan is a Bitcoin miner that sells its mined coins to generate revenue. As you might expect, higher Bitcoin prices lead to more revenue for the company. Meanwhile, Marathon is also a Bitcoin miner; however, Canaan makes the specialized computer chips that power crypto-mining data centers. All of these bullish moves make perfect sense today.

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Anders Bylund has positions in Bitcoin and Coinbase Global and has the following options: long March 2025 $19 calls on Mara, long March 2025 $19 puts on Mara, and short March 2025 $19 puts on Mara. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy.

Why Bitcoin and Related Stocks Soared on Friday was originally published by The Motley Fool