Bitcoin Surpasses $93,500; MicroStrategy (MSTR.US) Gains 3.4%

Stock News01-14

On Tuesday, Bitcoin climbed over 2.5%, breaking above the $93,500 level, which subsequently lifted related cryptocurrency stocks.

At the time of writing, MicroStrategy (MSTR.US) was up 3.4%, while Coinbase (COIN.US) advanced more than 3%.

Robinhood (HOOD.US) saw a gain of 0.9%, Marathon Digital Holdings (MARA.US) rose over 1%, and Iris Energy (IREN.US) increased by 0.5%.

The market movement follows developments from a closely-watched cryptocurrency market structure bill, which suggests many digital assets may continue offering rewards to customers holding stablecoins.

A bipartisan amendment released late Monday by the U.S. Senate Banking Committee, in preparation for a markup session scheduled for Thursday, included language that appears to prohibit crypto exchanges from providing rewards linked to holding stablecoins.

However, the amendment also clarifies certain activities that would be exempt from this restriction, including specific rewards associated with loyalty or incentive program memberships.

This wording is likely to be welcomed by companies such as Coinbase, which currently offers rewards to its customers for holding stablecoins.

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