Crypto-Linked Equities Rally as Risk Appetite Returns to Markets

The tech-heavy Nasdaq Composite rose about 1%–1.5% in US intra-day trading, while energy markets stabilized after sharp gains earlier in the week triggered by escalating tensions in Iran and the wider Gulf region. Oil prices, still up roughly 15% on the week, eased slightly with Brent crude trading near $81 per barrel. 

The improvement in broader market sentiment helped lift crypto assets and related equities. 

Shares of exchange operator Coinbase (COIN) and Galaxy Digital (GLXY), a crypto investment platform surged more than 15% each during the session. Gemini, another exchange, jumped more than 30% by 20:00UTC, or 15:00 in New York. Following the trend, Bitcoin (BTC) rose roughly 7% to above $73,000, crossing that level for the first time since early February, with Ether (ETH) also posting gains of more than 8% over the past 24 hours. 

The crypto rally was also supported by renewed investor optimism that Washington could ultimately adopt a regulatory framework more favorable to the industry. 

Markets react to political signal 

The price recovery followed a pair of statements from President Trump and his son, Eric, accusing large financial institutions of trying to block legislation that would expand crypto activity in the US. 

In a social media post, Trump warned that banks were attempting to undermine the recently enacted stablecoin framework, the GENIUS Act, and urged lawmakers to quickly advance broader digital asset legislation. 

'The Genius Act is being threatened and undermined by the Banks, and that is unacceptable – we are not going to allow it," Trump said. 'The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money."

According to a report by Politico, Trump’s public intervention followed a private meeting with Coinbase CEO Brian Armstrong earlier on 3 Mar. The report, citing two people familiar with the matter, said the discussion took place shortly before the president publicly backed the crypto industry’s position in its ongoing lobbying clash with major banks over digital asset legislation. 

Eric Trump echoed the criticism of traditional lenders, accusing major banks of trying to block crypto platforms from offering financial incentives to users. 

"The 'Big Banks'… are now doing everything they can to block the Crypto industry from offering real benefits, perks, and rewards," he wrote. 

Banks push back on crypto yield 

Trump’s comments come as negotiations over US crypto legislation remain stalled, with banks and digital asset firms clashing over whether crypto platforms should be allowed to offer yield-like rewards on stablecoin balances. 

Jamie Dimon, Chairman and CEO of JPMorgan, argued earlier in the week that companies offering returns on stablecoins are effectively operating like banks and should face the same rules. 

For investors, Trump's public comments signalled that the administration could ultimately side with the crypto industry in the negotiations. 

Bitcoin has dropped about 23% since mid-January, when it traded near $95,000 before legislative talks unraveled after Coinbase withdrew support over disagreements on stablecoin rewards.