Crypto: Crypto Stocks Rally As Trump, Regulators Signal Pro-crypto Policy...
Bitcoin has jumped as well, increasing 7.6% in the last 24 hours, while Ether is up more than 8.3% to trade at $2,132.
Crypto-related stocks surged on Wednesday as recent pro-crypto commentary from the US president pushed Bitcoin and the broader crypto market higher.
Alongside a rise in the cryptocurrency market, the Bitcoin (BTC) treasury company Strategy spiked by more than 10%. Crypto exchange Coinbase registered a more than 14% gain, while miners Hut 8 clocked 13.89% and American Bitcoin Corp rose 11.65%.
Dominick John, an analyst at Zeus Research, told Cointelegraph the promise of clearer regulations on the near horizon could be one of the factors fueling the rally.
“Crypto equities are rallying as regulatory risk is being fundamentally redefined. With the executive branch championing a clear digital asset framework, coupled with robust spot ETF inflows and the potential passage of the Clarity Act,” he said.
Wall Street’s main regulators have advanced plans to oversee the industry, with the Commodity Futures Trading Commission filing a regulatory review for prediction markets and the US Securities and Exchange Commission filing a pending application on Tuesday on Federal Securities Laws and how they govern some crypto and transactions.
Pav Hundal, the lead analyst at Australian crypto platform Swyftx, told Cointelegraph that US President Donald Trump’s recent swipe at the banks and his push for the Senate’s crypto market structure bill to pass could also be playing a factor.
During a press conference at the White House, Trump also reiterated that in “crypto, we want to be dominant; we want to be dominant in everything we do,” Fox 2 Detroit reported on Wednesday.
“The market is putting a policy premium in the tape right now, and it is inflating crypto stocks,” Hundal said.
“We’ve got a double whammy of Trump pushing Congress on legislation and picking a fight with US banks for dragging their heels over the CLARITY Act. Coinbase is basically the cleanest large-cap expression of that in US equities,” he added.
Source: CoinTelegraph
