In the midst of a recovery rally in risk assets that has driven prices up about 9% over the past five trading days through Friday's close, Bitcoin briefly broke above $78,000 on Friday, a level it hasn't seen since early February. That move, on the other hand, pales in comparison to the increase of at least 23% in shares of crypto-linked stocks, such as those of Coinbase (COIN), Robinhood (HOOD), and Strategy (MSTR). (While the other two stocks are in the red, Strategy is currently up for the year, slightly outperforming the S&P 500.) Bitcoin on Friday briefly broke above $78,000, a level it hasn't seen since early February, amid a recovery rally in risk assets that drove prices up about 10% over the last five trading days through Friday's close. That move, however, pales in comparison to that of crypto-linked stocks—meaning shares of companies like Coinbase (COIN), Robinhood (HOOD) and Strategy (MSTR), which have run up at least 25% through Friday. (Coinbase is currently up for the year, slightly outperforming the S&P 500; the other two stocks are in the red.)
Crypto, it seems, got back to climbing with an assist from equity markets, rather than the legislative news some were watching for. The Clarity Act, a key crypto bill that aimed to create a framework for classifying digital assets and create a loophole unaddressed by the GENIUS Act, which focused on stablecoins, was supposed to be the catalyst for the cryptocurrency market's recovery. However, Politico reports that a draft text that was supposed to be released this week has been stalled once more.$BTC
