Crypto-linked equities rallied sharply Monday as two converging catalysts — the weekend CLARITY Act breakthrough and Bitcoin's intraday touch of $80,000 — lifted sentiment across the sector. Coinbase Global (COIN) rose 3.2% to $198.40, Galaxy Digital (GLXY) jumped 4.8%, and Marathon Digital (MARA) gained 5.1%. The Bitwise Crypto Industry Innovators ETF (BITQ) rose 3.6%, its strongest session since April 18.
The CLARITY Act catalyst is particularly significant for Coinbase, which has been the industry's most prominent lobbying voice for comprehensive crypto regulation. The bipartisan stablecoin yield compromise between Senators Tillis and Alsobrooks removes the final legislative barrier to a Senate Banking Committee markup, potentially establishing the first comprehensive U.S. framework for digital asset markets. JPMorgan's Kenneth Worthington upgraded Coinbase to Overweight with a $260 target, writing that 'the legislative risk premium should begin to compress.'
Mining Sector Strength
Bitcoin miners outperformed as the BTC price resilience validated the sector's revenue outlook. Riot Platforms (RIOT) gained 4.3%, CleanSpark (CLSK) rose 5.7%, Bitfarms (BITF) advanced 6.2%, and Hut 8 Mining (HUT) climbed 4.9%. The Valkyrie Bitcoin Miners ETF (WGMI