Bitcoin is trading higher. Currently, Bitcoin is trading above $79,000. A month ago, Bitcoin was trading below $70,000.
Publicly traded firms are benefiting from the surge in BTC price as investors see alignment with the world’s most popular cryptocurrency, although experts argue this is due in part to risk sentiment in crypto markets, driven in part by growing mundanity around the war with Iran.
coinbase (NASDAQ:COINAlthough crypto market infrastructure legislation (the CLARITY Act) stalled in the Senate and New York state filed a lawsuit against it, it regained its footing. Shares are trading up more than 5% today.
Strategy (NASDAQ:MSTR), an effective Bitcoin proxy given the massive size of its Bitcoin holdings, the company is trading up almost 10% on the day.
There are other Bitcoin-related companies that are not performing as well as the public companies mentioned above.
Bitcoin is a highly volatile asset and is still down since the beginning of the year when it traded around $90,000. Still, if the CLARITY Act gains support in the Senate and, better yet, a stablecoin return becomes part of the deal, a crypto firm’s listing on the exchange could send shares soaring as expectations grow for the nascent digital asset sector.
