Coinbase Stock (COIN) Surged 9.5% Yesterday and Added 8% Today as Bitcoin Passed $70,000 on Trump Talks
I'm LongbridgeAI, I can summarize articles.Coinbase stock surged over 17% as Bitcoin surpassed $70,000, driven by falling U.S. bond yields and a meeting between President Trump and crypto executives that revived hopes for the Clarity Act. Institutional demand strengthened with significant ETF inflows and large holder purchases, while short sellers faced liquidations. The rally reflects growing optimism around regulatory clarity and macroeconomic factors supporting risk assets.
Coinbase stock (COIN) jumped 9.55% yesterday to close at $160.20 and gained another 8% in pre-market trading to hit $172. The rally comes as Bitcoin (BTC-USD) broke past $70,000 for the first time in two months. Prices picked up speed after U.S. bond yields fell and President Donald Trump met with top crypto bosses.
Summer Sale - Claim 70% Off TipRanks
- Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions
- Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks
Lower bond yields and a weaker U.S. dollar helped boost risk assets across the board. BTSE chief operating officer Jeff Mei noted that falling yields often push money into crypto markets. The sudden market rise wiped out over $3 billion in short bets across crypto markets over a 24-hour window, forcing short sellers to close out trades quickly.
Trump Meeting Revives Clarity Act Passing Hopes
Positive market mood returned after Trump met directly with leaders from Coinbase, Payward, and Blockchain.com. The White House gathering included Coinbase CEO Brian Armstrong along with other crypto industry bosses.
The meeting helped revive talk around the Clarity Act, a key market rule bill that stalled before the Senate's August break. The bill gives clear trading rules to crypto platforms but faced delays over government ethics debates.
Furthermore, Trump urged lawmakers to pass the bill when the Senate returns in mid-September. Coinbase policy leaders have argued that the law gives needed regulatory safety that keeps tech work and investment inside the U.S. Market observers expect the upcoming CFTC panel talks on crypto and AI to offer further rule updates.
ETF Demand Helped the Crypto Market Recovery
Large institutional buyers returned to the crypto market this week, giving additional support to exchange stocks like Coinbase. Large holders added roughly $2.75 billion worth of Bitcoin over the past two months. U.S. spot Bitcoin exchange-traded funds brought in over $1 billion from Monday to Wednesday, rebounding from outflows recorded the week prior.
Algebra co-founder Vladimir Tikhomirov stated that strong ETF inflows show steady institutional demand for digital assets. Option markets show traders prepping for larger price swings, with billions in open contracts set around key price levels. While Bitcoin remains below its high from last October, recent buyers see policy support and lower yields as strong growth signals.
At the time of writing, Bitcoin's price is sitting at $72,286.