Coinbase Surges as Crypto Leaders Meet Trump, Short Squeeze Hits Records
Coinbase stock surged by 6.7% in pre-open trading, reaching $170.96, as a historic short squeeze and a pivotal White House crypto summit combined to drive one of the strongest single-session moves in the sector.
The catalyst for this move was a meeting between President Trump and crypto industry leaders, including Coinbase CEO Brian Armstrong, at the White House on August 19. The president publicly urged Congress to pass the CLARITY Act, legislation that would define whether crypto tokens are classified as securities or commodities and delineate authority between the SEC and CFTC.
A record $2.7 billion in crypto short positions was liquidated within a 24-hour window, with over $1 billion in Bitcoin shorts closed in roughly one hour. This led to a short squeeze, which further fueled the rally.