Major US cryptocurrency-related stocks experienced significant gains following the Senate’s approval of the GENIUS Act and the introduction of Coinbase Payments.
The GENIUS Act establishes the first federal regulatory framework for stablecoins, providing crucial clarity for the sector and boosting investor confidence.
Coinbase (COIN) surged 15% on the news. Concurrently, the exchange launched Coinbase Payments, a new network enabling merchants like Shopify and eBay to accept USDC stablecoin payments.
Circle (CRCL), the issuer of USDC, saw its stock price jump 33% following its recent IPO. Strong buying activity, indicated by its Accumulation/Distribution Line, contributed to the rise.
Galaxy Digital (GLXY) also advanced, gaining 4%. This increase was attributed to strategic partnerships, including the integration of its GK8 custody platform with the Polymesh blockchain.
Technical indicators, such as positive Chaikin Money Flow (CMF) readings and strong Relative Strength Index (RSI) signals, suggest continued bullish momentum for these crypto stocks.