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Quick Read
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HOOD jumps 5% and BULL gains 2% as Bitcoin breaks out, with Robinhood’s direct crypto revenue through Bitstamp explaining the gap.
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IBIT climbs 6% and outpaces both brokerages as the Treasury’s bond buyback plan eases yield pressure, pushing Bitcoin above a ceiling that had held for months in the range of $60K to $70K.
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A sharp Bitcoin breakout is spilling into retail brokerage stocks Friday morning, and the two publicly traded names are catching the move in very different proportions. Robinhood Markets (NASDAQ:HOOD) stock is climbing 5% to $99.90, while Webull (NASDAQ:BULL) shares are up 2% to $9.07.
Furthermore, the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 6% to $43.69, giving a clean read on the underlying breakout. Notably, Bitcoin (CRYPTO:BTC) has jumped 7% over the past 24 hours to $77,118.89, while Ethereum (CRYPTO:ETH) has climbed 5% to $2,384.78.
That Bitcoin move stands out amid a moderate boost in stock indexes. The S&P 500 is up 0.29%, and the NASDAQ 100 is up 0.26%. Still, crypto beta is doing the lifting today rather than broad-market strength.
Bitcoin Breakout Powers the Rally
Bitcoin has broken decisively above the roughly $60,000 to $70,000 range that held for most of this year. That breakout puts the token at its highest level since late May, and the shift in tape action is the primary catalyst reaching Robinhood and Webull today.
President Trump used a White House summit this week to urge Congress to advance the Clarity Act, which would establish a clearer regulatory framework for the U.S. crypto industry. Congress has repeatedly stalled on the bill over how to classify cryptocurrencies and how to treat yields generated by stablecoins.
Adding to the tailwind, the U.S. Treasury announced plans to double its bond buybacks to contain rising yields, after a selloff pushed the 30-year Treasury yield to its highest level since 2007. The intervention improved risk appetite broadly and gave Bitcoin an added push into today’s breakout. Crypto assets often lead when liquidity fears ease and long-duration Treasury yields stabilize.
Even after this rally, Bitcoin sits down 15.8% year to date (YTD), and IBIT has fallen 17% YTD. Today’s move nonetheless resets short-term sentiment across crypto-linked equities.
Source: finance.yahoo.com