Nasdaq Tops Record; Bitcoin Hits $81,242 on Stablecoin Hopes

The Nasdaq Composite reached a new intraday high on Tuesday while Bitcoin climbed above $81,000 as investors bought risk assets during New York trading after stronger corporate earnings, a pullback in crude oil and signs of progress on stablecoin legislation.

The Nasdaq rose about 1% and touched an all-time intraday peak. The S&P 500 gained 0.7% and the Dow Jones Industrial Average added roughly 150 points, or about 0.3%, though the Dow lagged the broader rally.

West Texas Intermediate crude fell about 3% to just above $102 a barrel. Brent crude lost roughly 2% and traded a shade above $111. The decline in oil prices eased near-term concerns related to energy-driven inflation and geopolitical risk.

Bitcoin jumped roughly 7% to an intraday peak near $81,242, its highest level since Jan. 31, before settling around that mark during U.S. trading. Ether and Solana posted smaller gains. Bitcoin is about 23% higher since late January.

Shares of firms tied to the USDC stablecoin moved sharply higher. Circle rose 19.9%, Coinbase gained about 6.1%, BitGo added roughly 10.3% and Galaxy Digital climbed about 3.8%. Traders pointed to proposed language in the CLARITY Act that addresses stablecoin yields as a key driver of the gains in those names.

The stablecoin-yield issue centers on whether rewards offered on coins such as USDC are treated in a way that encourages users to keep funds in crypto instead of a bank account. Those yield programs have been a factor in why some users park money in stablecoins.

In a Monday note, Bank of America analyst Ebrahim H. Poonawala wrote that the CLARITY Act’s approach to stablecoin yields would be broadly positive for bank subsectors. He added clearer rules should help limit fears of deposit outflows, reduce regulatory uncertainty and provide banks a clearer framework to work with digital-asset infrastructure.

Market participants cited the combination of lower crude prices, stronger quarterly earnings in parts of the market and potential legislative progress as factors supporting buying in both stocks and cryptocurrencies.

Lawmakers are negotiating language to determine how yield-bearing stablecoin arrangements are treated under federal law. Smaller crypto firms that rely on high-yield deposit offers to attract customers could face constraints if the final text restricts how yields are structured, while larger firms with established banking relationships may benefit from clearer legal standards.

Trading on Tuesday paired equity gains with a crypto rally amid the moves in oil prices and developments in Washington.