Crypto Stocks Surge as Bitcoin Hits Three-Month High

Donald Trump urged Congress to pass a cryptocurrency bill on Thursday, triggering a rally in U.S.-listed cryptocurrency stocks. Bitcoin climbed 4.8% to $81,105.73, reaching its highest level in three months.

The market surge was further supported by a move from the United States Department of the Treasury to support long-dated bonds. Trading platforms and Bitcoin-focused firms saw significant gains, with Robinhood Markets rising 16.3%, MicroStrategy gaining 15%, and Coinbase Global jumping 10.6%.

Mining and hardware companies also experienced growth. Bit Digital rose 15.8%, Riot Platforms climbed 11.4%, and hardware maker Canaan jumped 23.4%. American Bitcoin, a company backed by the eldest sons of the president, saw its shares surge 18.4%.