(Reuters) -U.S.-listed cryptocurrency stocks rose in premarket trading on Friday as bitcoin surged to a record high on growing optimism that regulatory hurdles would soon begin to ease.
The upbeat sentiment is a result of court rulings and policy signals suggesting a shift toward clearer oversight instead of outright crackdowns, which had led to years-long standoff between crypto firms and U.S. regulators.
The world’s largest cryptocurrency was last up 3.9% at $118,018.25, taking its gains for the year to nearly 26%. The digital asset has surged nearly 41% in the last three months.
Next week, the House of Representatives will debate three major crypto bills, the Genius Act, the Clarity Act and the Anti-CBDC Surveillance State Act in a bid to give the industry the regulatory transparency it has long demanded.
It is a sharp reversal of fortune for a sector that once threatened to flee offshore, citing a hostile environment and heavy-handed enforcement in the U.S.
“We expect capital that was previously sidelined due to regulatory uncertainty to re-enter,” said Jag Kooner, head of derivatives at crypto exchange Bitfinex.
“Even if final passage stalls, the optics of legislative engagement are bullish.”
Bitcoin’s latest surge has reignited risk appetite in cryptocurrency-linked equities, offering a boost to companies ranging from exchange operators to bitcoin miners.
Crypto exchange Coinbase added 1.35% before the bell, while bitcoin buyer and holder Strategy rose 2.8%.
Crypto miners Riot Platforms, Hut 8 and Mara Holdings gained between 2.8% and 3.1%.
Industry executives and investors have welcomed recent legal wins and licensing milestones as signs that cryptocurrencies and related businesses could gain ground within the U.S. financial system, despite lingering enforcement actions and political divides over regulation.
(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Arun Koyyur)
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