US Stock Market Move | Cryptocurrency concept stocks rebounded strongly, Circle (CRCL.US) rose more than 7%.
On Wednesday, cryptocurrency concept stocks rebounded strongly.
On Wednesday, concept stocks related to cryptocurrency rebounded strongly, with Circle (CRCL.US), Robinhood (HOOD.US), and Cipher Digital (CIFR.US) rising by over 7%, and Strategy (MSTR.US) and Coinbase (COIN.US) rising by over 4%. In terms of news, Bitcoin rose by nearly 2% to $71,669.11, and Ethereum rose by over 2% to $2,187.45.
In addition, research firm Bernstein stated that the market may have misinterpreted the US "Clarity Act" draft, leading to a recent 20% drop in the stock price of Circle. Analysis indicates that the act restricts stablecoin distributors, not issuers. Circle earns income through investing in reserve assets (such as US Treasury bonds) and does not directly pay interest to coin holders, so its business model is minimally affected.
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