US Market Rebounds as Bitcoin Hits $79,500 and Crypto Stocks Soar
The US stock market experienced a rebound in pre-market trading on Friday (August 21) as futures for the Dow, S&P 500, and Nasdaq 100 indexes rose. The recovery came after a sell-off triggered by rising bond yields and weak retail stocks in the previous session.
Bitcoin extended its strength, climbing to an intraday high of $79,500, which lifted crypto-related stocks higher. MicroStrategy (MSTR) surged over 10%, while Coinbase (COIN), Robinhood (HOOD), and Marathon Digital (MARA) also saw gains.
Tesla (TSLA) and commercial space stocks were in focus as well. Reports indicated that Tesla had obtained an Autonomous Vehicle Network permit in Nevada, allowing it to advance paid Robotaxi services in Las Vegas. The White House updated the National Space Transportation Policy, aiming to support over 1,000 launch and re-entry activities annually in the US by 2030.
The US Treasury expanded its long-term Treasury buyback program, increasing the maximum operation cap for buybacks of 10-to-20-year and 20-to-30-year long-term nominal Treasuries from $2 billion to at least $4 billion. This move is intended to enhance long-end Treasury liquidity.