Crypto-linked stocks rebounded sharply on Friday as Bitcoin moved back above $80,000 and US regulators advanced several cryptocurrency-related initiatives under their existing authority.
Strategy led the gains, rising more than 13%. Coinbase and American Bitcoin each climbed about 11%, while Robinhood added nearly 9%, according to Yahoo Finance data. Circle, Strive and Riot Platforms also posted gains of roughly 5% to 7%.
Bitcoin leads market recovery
Bitcoin was up about 5% over the previous 24 hours at approximately $80,800 at the time of writing, according to CoinGecko. The broader recovery followed a steep selloff earlier in the week after the Senate failed to advance the CLARITY Act on Sept. 15.
Following that vote, Coinbase and Circle fell about 10%. Strategy and Strive each lost around 5%, while American Bitcoin declined roughly 8%.
Regulators act under existing authority
The market rebound came as US regulators continued pursuing crypto-related measures without waiting for new legislation. On Thursday, the Commodity Futures Trading Commission offered no-action relief to passive software providers. The Securities and Exchange Commission also temporarily eased requirements for certain platforms involved in onchain trading of tokenized securities.
The CFTC has additionally submitted a proposed crypto-market regulatory action for White House review. The filing is described as a “prerule” document and does not disclose details of the planned regulation.
