Bitcoin rises to nearly $73,000, Strategy (MSTR), Coinbase (COIN) soar
Strategy Inc. (MSTR) stock soared 12.3% to $148.94 on Wednesday, marking a sharp rebound for the Bitcoin agency after months of losses.
Coinbase Global (COIN) rose 16.2% to $211.84, extending its recent gains, while Robinhood Markets (HOOD) rose 8.5% to $82.50.
The move comes as Bitcoin soars above $73,000 this morning, hitting a one-month high after recovering from six consecutive weeks of losses and five months of declines.
The rally came as traders covered bearish bets and trimmed their positions after heavy short selling on concerns about the escalating conflict in Iran.
Bitcoin mining stocks and virtual currency services stocks also rose. Galaxy Digital Holdings (GLXY) rose 15% to $23.78, highlighting the broader sector’s sensitivity to Bitcoin’s momentum. Marathon Digital (MARA) rose 6.76% today to $9.24, or an increase of $0.59 per share.
Broadly speaking, many virtual currency stocks and altcoins are following Bitcoin’s lead and showing strong performance.
Earlier this week, Strategy purchased 3,015 Bitcoins for approximately $204 million, increasing its total holdings to 720,737 BTC acquired at an average price of $75,985 per coin. The current Bitcoin price is close to that average.
Bitcoin moves after Coinbase and President Trump meeting
Yesterday, President Donald Trump met privately with Coinbase CEO Brian Armstrong. The meeting took place just before President Trump criticized banks for blocking progress on crypto legislation, in line with Coinbase’s position.
On Truth Social, President Trump said banks “need to do good business with the crypto industry” and said it was unacceptable that the recently passed GENIUS Act was “being threatened and undermined by banks.”
The controversy revolves around whether crypto exchanges can offer rewards programs that pay annual yields on stablecoins, digital tokens pegged to $1.
Banks argue that such yields could siphon deposits from traditional accounts and threaten lending operations, and are seeking a ban in a pending Senate bill. Coinbase and other digital asset companies have opposed the regulation, saying it would stifle innovation and competition.
In January, Armstrong opposed amendments to the crypto bill that would limit stablecoin rewards. The bill’s markup was delayed in the Senate, leaving the bill stalled.
The White House has attempted to mediate between banks and crypto companies, but no resolution has been reached.
At the time of this writing, Bitcoin is trading above $73,000 with an intraday high of $73,800. It rose about 8% on the day.
This article, Strategy (MSTR), Coinbase (COIN) soars as Bitcoin rises near $73,000, first appeared in Bitcoin Magazine and was written by Micah Zimmerman.
