Strategy Climbs 12%, Coinbase Jumps 10% as Bitcoin Tops $80,000

Crypto-linked equities are outpacing the tape Friday morning as Bitcoin (CRYPTO:BTC) trades at $80,888.81, up 5.5% over the past 24 hours. Strategy (NASDAQ:MSTR | MSTR Price Prediction) stock is up 12% to $148.55 in Friday morning trading. Coinbase Global (NASDAQ:COIN)…

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Crypto-linked equities are outpacing the tape Friday morning as Bitcoin (CRYPTO:BTC) trades at $80,888.81, up 5.5% over the past 24 hours. Strategy (NASDAQ:MSTR | MSTR Price Prediction) stock is up 12% to $148.55 in Friday morning trading. Coinbase Global (NASDAQ:COIN) shares are climbing 11% to $192.43, with both names outrunning the coin itself.

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.1%, marking a soft session for the wider tape. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 6%, tracking Bitcoin’s overnight advance. That divergence puts today’s rally in a single corner of the market rather than across the whole session, and it means the leverage embedded in equity proxies is doing extra work.

Short Squeeze Powers the Move

Bitcoin rose as traders moved into risk-on positioning, looking past the failure of the CLARITY Act in the Senate this week and past the Federal Reserve’s recent rate increase. Nic Puckrin, founder of Coin Bureau, stated that once Bitcoin broke past its resistance level, short positions were liquidated and that pushed the price higher. Puckrin described the range Bitcoin is now entering as one where resistance is much stronger from here.