Market Pulse

In the last hour, MicroStrategy shares climbed as Bitcoin surged past $69,000 for the first time since June, with President Trump urging Congress to pass the CLARITY Act amid a wider White House push for crypto regulation. That crypto-led risk appetite coincided with macro efforts to calm bond markets: Treasury Secretary Bessent moved to break the bond-market fever and head off rising borrowing costs, while the Treasury reportedly doubled its bond buybacks, helping push yields lower. With FOMC minutes now in focus, the dollar’s tone remains tied to rate expectations; the Canadian dollar saw slight gains on reports of delayed U.S. tariffs, while equities showed mixed resilience. Adding a note of caution, the European Central Bank warned that an AI-driven market correction may be looming, keeping macro investors alert to concentration risks. On the digital-asset side, bitcoin is on track for its best day since February as regulatory momentum builds. The SEC proposed its first major crypto rule, introducing a $75 million exemption and suggesting token sales under $5 million may no longer require registration—though CLARITY Act progress faces Senate resistance. Coinbase shares outperformed bitcoin, up 12.7%, on hopes of clearer U.S. rules. International developments also support the sector: stablecoin disposals may be exempt from UK capital gains tax under draft guidance, and exchanges are urging clearer rules as African markets expand. The overarching theme is a shift from enforcement-heavy oversight toward structured regulatory frameworks, with market participants watching whether Congress, the SEC, and international bodies can deliver clarity without stalling momentum.