Bitcoin
Strategy and Coinbase Surge as Bitcoin Reclaims $80,000 on Short Squeeze
Crypto-linked equities outpaced the underlying token following short liquidations and regulatory developments.
Shares of crypto-exposed companies jumped on Friday as Bitcoin climbed 5.5% over 24 hours to $80,888.81. Strategy surged 12% to $148.55 and Coinbase Global gained 11% to $192.43, outperforming both the coin and the wider stock market, where the S&P 500 SPDR ETF slipped 0.1%. Meanwhile, the iShares Bitcoin Trust ETF gained 6%.
Market participants noted that the price breakout was amplified by a short squeeze and aggressive call option positioning. According to Coin Bureau founder Nic Puckrin, moving beyond initial resistance forced short liquidations, propelling prices higher into an overhead zone featuring stronger resistance levels. Strategy's balance sheet Bitcoin holdings amplified its equity reaction relative to the underlying asset.
The rally coincided with regulatory updates, including the SEC granting a five-year exemption enabling U.S. trading venues to list tokenized equities—a move expected to benefit Coinbase. While a House committee advanced a Strategic Bitcoin Reserve bill that still faces full congressional approval, Coinbase CEO Brian Armstrong stated that the regulatory path remains open through agencies like the SEC and CFTC despite the failure of the CLARITY Act.
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