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Circle, Coinbase lead crypto stocks rally amid Clarity Act progress, bitcoin hitting $80,000
TL;DR
Circle and Coinbase led a rally in crypto stocks as bitcoin surpassed $80,000, fueled by progress on U.S. digital asset legislation.
Key points
- Circle surged 18% and Coinbase rose about 7%
- Bitcoin reached $80,416.63, its highest since January
- Progress on the Digital Asset Market Clarity Act is encouraging
Mentioned in this story
CircleCoinbaseBitGoRobinhoodBitmine
Crypto-related stocks rallied Monday, led by Circle (CRCL) and Coinbase (COIN), as progress on U.S. digital asset legislation and bitcoin BTC$80,416.63 breaking above $80,000 lifted sentiment across the sector.
Circle, issuer of the USDC stablecoin, surged 18%, extending recent gains, while U.S.-focused crypto exchange Coinbase rose about 7%. BitGo (BTGO), a digital asset infrastructure firm offering custody and stablecoin services, climbed roughly 10%.
Strategy (MSTR), the largest corporate bitcoin holder, crypto-friendly digital broker Robinhood (HOOD) and Ethereum (ETH) treasury firm Bitmine (BMNR) were also up 3%-4%, underscoring the broad-market advance.
The move came as bitcoin BTC$80,416.63 pushed above $80,000 during the session, reaching its strongest level since late January and providing a tailwind for the broader crypto sector. BTC advanced nearly 2% over the past 24 hours, leading the broader crypto benchmark CoinDesk 20 Index's 1.2% gain.
Further boosting investor optimism were signs that the long-debated Digital Asset Market Clarity Act, a key piece of U.S. legislation to regulate crypto markets, is moving closer to passage.
A newly released compromise would prohibit stablecoin issuers from offering yield on idle balances, while still allowing rewards tied to usage and transaction activity, according to a Friday text. The approach addresses one of the most contentious aspects of the bill and aligns with earlier discussions in Washington.
Clarity Act progress
That clarification appears to be a pivotal moment that brings the bill closer to passage, according to Markus Thielen, founder of 10x Research.
"The latest compromise removes one of the final obstacles for the legislation,” said Thielen in a Telegram message. With the stablecoin yield issue addressed, lawmakers are expected to move toward a formal markup, potentially as soon as this week, he added.
Odds of passage on the prediction platform Polymarket have risen to 64%, reflecting growing confidence that the bill will advance.
Q&A
What is the current price of bitcoin as it surpasses $80,000?
Bitcoin is currently priced at approximately $80,416.63.
Which companies are leading the crypto stocks rally?
Circle and Coinbase are leading the rally, with Circle surging 18% and Coinbase rising about 7%.
What is the significance of the Digital Asset Market Clarity Act?
The Digital Asset Market Clarity Act aims to regulate crypto markets and is moving closer to passage, boosting investor optimism.
