Crypto-related stocks jumped Monday after bitcoin traded above $80,000, lifting sentiment across the sector. The strongest moves came from Circle (CRCL), the issuer of USDC, and U.S.-focused exchange Coinbase (COIN), while several other digital asset names also advanced.
Circle gained 18%, extending its recent run. Coinbase rose about 7%, and digital asset infrastructure firm BitGo (BTGO), which offers custody and stablecoin services, climbed roughly 10%. Strategy (MSTR), the largest corporate holder of bitcoin, crypto-friendly broker Robinhood (HOOD), and Ethereum treasury firm Bitmine (BMNR) were also higher by 3% to 4%, showing that the move spread across the group rather than staying concentrated in one stock.
Bitcoin strength lifted the broader crypto equity trade
During the session, bitcoin pushed above $80,000, its strongest level since late January. Over the past 24 hours, BTC added nearly 2%, outpacing the CoinDesk 20 Index, which rose 1.2%. That price action gave crypto equities a clear tailwind as traders reacted to both the spot move and its read-through for the wider market.
There was also a policy angle. Investors were watching signs that the Digital Asset Market Clarity Act, a key U.S. bill aimed at regulating crypto markets, is moving closer to passage.
New compromise text shifts attention to stablecoin rules
A compromise text released Friday would bar stablecoin issuers from offering yield on idle balances, while still allowing rewards linked to usage and transaction activity. That change addresses one of the most contested parts of the bill and matches the direction of earlier discussions in Washington.
10x Research founder Markus Thielen said in a Telegram message that the latest compromise removes one of the final obstacles for the legislation. With the stablecoin yield issue addressed, lawmakers are expected to move toward a formal markup, potentially as soon as this week, he said.
On prediction market Polymarket, the odds of passage have climbed to 64%. Thielen said equity investors are beginning to price in likely beneficiaries. Circle, as a regulated stablecoin issuer, is widely viewed as one of them, especially if stablecoins are formally treated as payment tools rather than yield-bearing assets.
Upcoming earnings added another catalyst for Circle
Circle is also due to report earnings next week, giving traders another reason to focus on the stock. Thielen noted that after the company released its previous quarterly report in February, the shares rose around 100% in the following weeks. That history may be encouraging some investors to position ahead of the next report.
Monday's trading suggested money was moving into several parts of the crypto equity complex at once, from stablecoins and exchanges to custody and bitcoin exposure. The session's gains tracked three active drivers: bitcoin's move higher, legislative progress in Washington, and earnings expectations around Circle.