Bitcoin Breaks $81,000 Barrier, Crypto-Linked Stocks Soar
Crypto-linked stocks rose in early-morning trade on Tuesday as Bitcoin's price surged to over $81,000 for the first time since January. The apex cryptocurrency's 3% increase in the last 24 hours was a major driver of gains among its related equities.
Circle Internet Group (CRCL) led large-cap gains with its stock rising up to 4.5%, while Coinbase (COIN) and Strategy (MSTR) followed closely. COIN's CEO Brian Armstrong announced the company would be laying off around 14% of its workforce in an AI-led shift.
Retail sentiment on Stocktwits around CRCL flipped to 'extremely bullish' from 'bearish', while chatter rose to 'extremely high' from 'high'. COIN's retail sentiment trended in 'bullish' territory, with chatter staying at 'high' levels. MSTR's stock also rallied amid Bitcoin's momentum, despite the company being expected to report an adjusted loss of $27.33 per share on revenue of $85 million.