Coinbase and Crypto Stocks Soar as Bitcoin Breaks $90K Barrier

Cryptocurrency-related stocks experienced a significant rally on April 23, 2025, as Bitcoin surged past the $90,000 mark. Leading the charge were companies like Coinbase (COIN) and MicroStrategy (MSTR), with gains between 8% and 9%. Bitcoin mining stocks outperformed, with Bitdeer Technologies (BTDR) skyrocketing 20%, while Bitfarms (BITF), CleanSpark (CLSK), Cipher Mining (CIFR), MARA Holdings (MARA), and Riot Platforms (RIOT) saw gains of 10% to 15%. The broader market also rebounded, with the Nasdaq and S&P 500 climbing 2% and 1.7%, respectively. This rally underscores the growing investor confidence in crypto-linked equities amid Bitcoin’s bullish momentum.

Crypto Stocks Rally as Bitcoin Surges Above $90K

Crypto-related stocks surged on Tuesday as Bitcoin crossed above $90,000. Shares of Strategy (MSTR) and Coinbase (COIN) were up 8% to 9%. Bitcoin miners led the gains, with Bitdeer Technologies (BTDR) rallying 20% and Bitfarms (BITF), CleanSpark (CLSK), Cipher Mining (CIFR), MARA Holdings (MARA), and Riot Platforms (RIOT) soaring between 10% and 15%. The broader stock market also rebounded, with the Nasdaq and S&P 500 up 2% and 1.7%, respectively.

SEC’s Regulation-by-Enforcement Approach Continues in Crypto Industry

Despite the departure of former SEC Chair Gary Gensler, the agency’s regulation-by-enforcement approach toward the crypto industry persists. Justin Slaughter, former SEC and CFTC adviser and Paradigm’s VP of regulatory affairs, noted ongoing state-level lawsuits against crypto exchanges like Coinbase, indicating a shift rather than cessation of enforcement efforts. Slaughter attributed this shift to the new federal leadership, explaining that state actors often continue pursuing unresolved agendas during US political transitions.