Crypto Stocks Soar Alongside Bitcoin As Rally Reignited

Stocks of leading cryptocurrency companies are soaring on Aug. 20 as a rally in Bitcoin (CRYPTO: $BTC) and other digital assets is reignited. 

Strategy's (NASDAQ: $MSTR) stock is up 9% and shares of Coinbase Global (NASDAQ: $COIN) are up 6% in early trading with the price of BTC at $72,000 U.S. 

Other crypto stocks such as Bullish (NYSE: $BLSH) and Circle Internet Group (NYSE: $CRCL) are up 5% as digital asset prices move sharply higher on the day. 

Bitcoin has gained more than 10% in the past 24 hours and is trading above $70,000 U.S. for the first time since May of this year. 

Ethereum (CRYPTO: $ETH) has seen its price increase nearly 15% and has broken above resistance at $2,000 U.S. 

The rally in cryptocurrencies has been sparked by U.S. President Donald Trump calling on Congress to pass the Clarity Act legislation. 

Crypto has also gotten a boost after the U.S. Treasury intervened in the bond market, saying it plans to double its purchases of government notes.

For stocks such as Strategy and Coinbase, the increase on Aug. 20 continues a recent rally in their share prices. 

MSTR stock is now up 20% over the past five trading sessions, while COIN stock has gained 14% over the last week. 

The reversal comes after most crypto stocks badly underperformed the broader market year-to-date as catalysts for the sector were scarce. 

Despite the recent rally, Strategy's stock remains down more than 25% on the year and is currently trading at $113.78 U.S. per share.