Crypto-related stocks rose on Monday, led by Circle (CRCL) and Coinbase (COIN) as U.S. digital asset legislation and Bitcoin progress A break above $80,000 boosted sentiment across the industry.
USDC stablecoin issuer Circle surged 18%, extending recent gains, while U.S.-focused cryptocurrency exchange Coinbase gained about 7%. BitGo (BTGO), a digital asset infrastructure company that provides custody and stablecoin services, rose about 10%.
The largest corporate Bitcoin holder, Strategy (MSTR), crypto-friendly digital brokerage Robinhood (HOOD) and ethereum (ETH) finance company Bitmine (BMNR) also rose 3%-4%, highlighting the broader market’s gains.
The move comes as Bitcoin It topped $80,000 during trading, reaching its highest level since late January and providing momentum for the broader cryptocurrency industry. BTC is up nearly 2% in the past 24 hours, leading a 1.2% gain in the broader cryptocurrency benchmark CoinDesk 20 index.
Signs that the controversial Digital Asset Market Clarity Act, a key piece of U.S. legislation regulating cryptocurrency markets, is about to pass has further boosted investor optimism.
According to text published on Friday, the newly released compromise would prohibit stablecoin issuers from offering idle balance earnings while still allowing rewards tied to usage and trading activity. The approach addresses one of the bill’s most controversial aspects and is consistent with earlier discussions in Washington.
Clarify bill progress
Markus Thielen, founder of 10x Research, said the clarification appears to be a critical moment in bringing the bill closer to passage.
“This latest compromise removes one of the last hurdles to legislation,” Thielen said in a Telegram message. He added that lawmakers expect a formal price increase as early as this week as stablecoin yield issues are resolved.
Prediction platform Polymarket’s odds of passage have risen to 64%, reflecting growing confidence that the bill will move forward.
“The stock market is starting to price in potential winners,” Thielen said.
He said Circle, as a regulated stablecoin issuer, is widely seen as a potential beneficiary of clearer rules, especially if stablecoins are formally positioned as payment instruments rather than income-generating assets.
Thielen noted that the company’s earnings report due next week will add another layer of momentum to the stock.
Following its last quarterly report in February, Circle’s stock price soared around 100% in the following weeks, and investors may have begun positioning themselves for further gains ahead of the earnings release.
