- Analysts from Clear Street suggest the crypto market may be at an inflection point, citing improved fundamentals and sentiment.
- The planned Morgan Stanley Bitcoin Trust has filed an S-1 form, naming Coinbase and BNY Mellon as key custodians for its spot bitcoin ETF.
- Former President Donald Trump voiced strong support for crypto legislation, calling the CLARITY Act a “GENIUS” act in a significant social media post.
- Bitcoin surged 7.3% to $73,042 on Wednesday, driving major gains for crypto-equity stocks like Coinbase and Riot Platforms.
The cryptocurrency market rallied sharply on Wednesday as bitcoin soared 7.3% to $73,042, lifting related equities and sparking bullish analyst commentary. This surge coincides with pivotal regulatory developments and institutional moves that analysts believe could mark a major market turning point.
Analysts at Clear Street stated in a research note that the crypto market might be at an ‘inflection point’ after a 44% decline last fall. They cited several recent developments that have dramatically improved both sentiment and long-term blockchain fundamentals.
Consequently, the firm believes this shift could end the crypto bear market and “trigger the beginning of a bull run.” One major catalyst was former President Donald Trump’s social media post from Tuesday night, which the analyst called “a very meaningful support” for the sector.
Specifically, Trump stated that banks are holding the CLARITY Act ‘hostage’ after a March 1 deadline passed without resolution. He also referred to the legislation as a “GENIUS” act, according to reports.
Meanwhile, institutional adoption continued as the Morgan Stanley Bitcoin Trust detailed its custody plans in an S-1 filing with the SEC. The filing indicates the trust will store its bitcoin with Coinbase as a co-custodian and BNY Mellon as administrator.
The positive momentum fueled substantial gains for crypto-linked public companies. Shares of Coinbase and Riot Platforms closed 14.5% and 8.1% higher, respectively, on Wednesday. These moves came amid broader geopolitical uncertainties, including the ongoing conflict in the Middle East.
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