US Stock Market Move | Cryptocurrency concept stocks surged, with Circle (CRCL.US) rising nearly 10%.

On Friday, cryptocurrency-related stocks rose broadly, with Circle (CRCL.US) up nearly 10%, Coinbase (COIN.US) up 9%, Strategy (MSTR.US) up over 6%, Bitmine Immersion Technologies (BMNR.US) up over 5%, and SharpLink (SBET.US) and CleanSpark (CLSK.US) both up over 4%. In news, on August 21, the price of Bitcoin surged quickly, briefly exceeding $79,000 during the day, with an increase of over 8%. Ethereum also briefly surpassed $2,400, rising over 3%. The chairman of the U.S. Commodity Futures Trading Commission (CFTC) stated that even if Congress fails to pass the CLARITY Act, the cryptocurrency industry will still receive market structure rules, as the CFTC is evaluating multiple crypto regulations and exploring new types of regulated cryptocurrency asset market platforms. On Wednesday local time, U.S. President Trump met with several executives from the cryptocurrency industry at the White House and urged Congress to pass legislation related to the structure of the cryptocurrency market as soon as possible. Trump also mentioned that he would consider recommendations from regulators regarding the government's further acquisition of Bitcoin. "This is not just a simple news-driven market, but a premeditated short squeeze," said Sun Wei, a senior researcher at HashKey Group. "During the fluctuations over the past few months, the market has accumulated a massive amount of leveraged short positions. When prices moved above $65,000, the crowded short positions became very apparent. Coincidentally, the U.S. Treasury recently announced an expansion of long-term Treasury bond repurchases, alleviating upward pressure on long-term interest rates, while President Trump once again signaled support for the cryptocurrency industry at the Tech Leaders Conference. Combined with the SEC's introduction of new regulatory exemptions, multiple positive factors were released simultaneously, directly triggering panic short-covering."