Bitcoin Is Rallying and Coinbase Is Today’s Best Stock in the S&P 500 Against All the Odds
The collapse of the Clarity Act and a Federal Reserve interest-rate hike ought to have been a toxic combination for Bitcoin, but the world’s largest cryptocurrency was showing its resilience on Friday.
The token has risen 5.7% to $80,884 over the past 24 hours, according to CoinDesk. It’s still more than 30% off the record high it hit last October.
Crypto stocks were surging, too. Shares of Bitcoin investor Strategy rose 15% on Friday. Digital-asset exchange Coinbase advanced 12% and was the best-performing stock in the S&P 500 for the trading session. Online trading platform Robinhood gained 8.7%.
Bitcoin has rallied despite two potential setbacks this week.