The cryptocurrency market capitalization exceeded $4 trillion for the first time, following the passage of landmark legislation in Congress. Despite this surge, traditional stock indices like the S&P 500 remained flat, with only a modest weekly gain. Bitcoin briefly surpassed $120,000, and stocks of crypto companies like Coinbase and Robinhood reached all-time highs. President Trump signed the Genius Act into law, aimed at regulating digital assets, further boosting interest in cryptocurrencies and influencing market dynamics.
The total market capitalization for all cryptocurrencies pushed past $4 trillion for the first time in history before dipping later in the day.
The S&P 500 closed the day essentially flat but posted a weekly rise of almost 0.7%. The Nasdaq was up about 0.4% on the day, and the Dow Jones dropped 0.3%.
Bitcoin briefly shot past $120,000, according to data from Binance, while crypto-related companies saw their shares rise in Friday morning trading.
Following the signing of the Genius Act, Coinbase's stock notched an all-time high as it quickly rose almost 6% to $444 after markets opened.
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