U.S. Treasury Secretary Scott Bessent’s comments lifted sentiment across crypto-linked stocks, with Circle, Strategy, and Bitmine also posting strong gains.
Retail sentiment around Coinbase turned ‘bullish’ on Stocktwits, with message volume rising more than 350% in the past 24 hours.
Despite Tuesday’s rally, Coinbase, Circle, and Bitcoin remain well below their levels at the start of the year.
Shares of Coinbase (COIN) jumped in morning trade on Tuesday after U.S. Treasury Secretary Scott Bessent said in an interview that the Digital Asset Market Clarity Act (CLARITY) is on the ‘one-yard line’ for passage in the Senate.
COIN’s stock rocketed over 11% in morning trade and was among the top trending tickers on Stockwits at the time of writing. The uptick was the largest single-day gain for the stock since March.
COIN stock’s performance year-to-date. |
“I think we are on the 1-yard line on the CLARITY Act in the Senate,” Bessent said in an interview with Fox Business. He also added that the Trump administration has plans to scrutinize open-ft
Crypto-Linked Stocks Rally Alongside Bitcoin
The optimism spread quickly across crypto-linked equities including Circle (CRCL), Strategy (MSTR) and Bitmine Immersion Technologies (BMNR). CRCL’s stock jumped over 6% in morning trade amid the surge in crypto-linked equities. Mizuho analyst Dan Dolev noted that the act could potentially open the door for more institutional scale competition for stablecoins, “further commoditizing” Circle’s USDC (USDC.X). The firm reiterated its ‘Underperform’ rating and $50 price target on Circle shares.
Shares of Michael Saylor-backed MSTR rallied more than 4.5%, and Tom Lee’s BMNR rose nearly 2%. The move came alongside a recovery in Bitcoin (BTC). Bitcoin’s price rose over 3% in the last 24 hours, climbing above $66,000 for the first time since mid-June. On Stocktwits, retail sentiment around Bitcoin improved to ‘bullish’ from ‘neutral’ territory over the past day.
BTC retail sentiment on July 21 as of 10:30 a.m. ET |
However, Ripple’s XRP (XRP) led gains among the top 10 cryptocurrencies by market capitalization. XRP’s price jumped over 4% in the last 24 hours to around $1.15. Ripple CEO Brad Garlinghouse, alongside Coinbase CEO Brian Armstrong, is one of the few crypto stakeholders who helped frame the CLARITY Act as the regulatory fix that would give XRP and the broader crypto market clearer legal status in the U.S.
