Crypto Stocks Soar on Regulatory Optimism Amid Washington Meeting
Crypto-linked equities rallied in premarket trading on regulatory optimism following a meeting in Washington. This surge saw Strategy MSTR climb 9.72%, Coinbase Global COIN jump by 7.77% and Robinhood Markets HOOD increase by 5.20%. The upswing started with Bitcoin, reaching $71,800 for the first time since early June and breaking through a months-long trading range.
The move above this range was attributed to what Bloomberg described as regulatory optimism surrounding the White House meeting. This triggered over $1 billion in liquidations within an hour and pushed Bitcoin above its 100-day and 200-day moving averages.
Two key developments contributed to this rise. The SEC proposed exempting certain digital asset offerings from securities registration, targeting companies at the startup and fundraising stages. This move follows stalled legislation in Congress.
The White House meeting saw President Donald Trump push for passage of the Clarity Act, which was supported by industry executives including Coinbase's Brian Armstrong and Gemini's Tyler and Cameron Winklevoss.