Bitcoin is trading higher. At the moment, Bitcoin is trading at over $79,000. A month ago, Bitcoin was trading under $70K.
While pundits claim this is due to a risk-on sentiment in the crypto markets, in part driven by growing banality around the war with Iran, publicly traded firms are benefiting from the rise in the BTC price as investors see alignment with the world’s most popular crypto.
Coinbase (NASDAQ:COIN) has regained its footing, even as crypto market infrastructure legislation (the CLARITY Act) stalls in the Senate and the state of New York files lawsuits against it. Today, shares are trading over 5% higher.
Strategy (NASDAQ: MSTR), a company effectively a Bitcoin proxy given the enormous size of its Bitcoin holdings, is trading up almost 10% for the day.
There are other Bitcoin-related firms that are not performing as well as the aforementioned public companies.
Bitcoin is a highly volatile asset, and it is still down from the beginning of the year when it traded around $90,000. Still, if the CLARITY Act gains support in the Senate, and even better, a stablecoin yield is part of the deal, a crypto firm’s trading on an exchange may see shares rise as prospects improve for the nascent digital asset sector.
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