New York, March 4, 2026, 17:50 EST
- Coinbase surged roughly 16%, with bitcoin jumping over 8% and trading near $73,800.
- Trump pushed for action on U.S. crypto legislation, turning up the volume in the ongoing dispute about stablecoin rewards.
- Kraken’s bank secured a Federal Reserve payments account—marking the first time a U.S. digital-asset bank has done so.
Coinbase Global (COIN.O) rallied 16% on Wednesday, with bitcoin powering ahead more than 8% to $73,857 by the afternoon. The surge followed a Truth Social post from U.S. President Donald Trump, who took aim at big banks and called on Congress to advance crypto-focused legislation. JPMorgan CEO Jamie Dimon, fielding questions on stablecoin regulation, didn’t mince words: “If you are going to be holding balances and paying interest, that’s the bank. You should be regulated like a bank.” Business Insider
The rally is grabbing attention as crypto traders toggle between jitters sparked by war and a fresh push from Washington to clarify industry rules. Trump’s latest move cuts straight into the ongoing lobbying battle over whether crypto platforms should get the green light to pay rewards on stablecoins — those digital tokens pegged, typically, to the U.S. dollar.
Debate around the Clarity Act—a bill aiming to spell out who oversees crypto markets in the U.S.—has been stalled by that clash. The GENIUS Act, which became law last July, established federal rules for stablecoins, mandating reserve backing and public reporting, according to the White House.
Bitcoin staged a rebound after tumbling to $63,000 following weekend strikes on Iran. By Wednesday, it was back up near $73,500, Investopedia reported.
U.S. stocks finished higher, boosted by a Reuters report that Iran’s apparent willingness to engage in talks helped ease Middle East tensions. “The relief gave investors confidence to scoop up tech-related stocks,” said Jim Awad, senior managing director at Clearstead Advisors in New York. Reuters
Crypto’s reach into financial infrastructure gave another lift to sentiment. Kraken’s banking arm secured a limited-purpose master account with the Federal Reserve, Reuters said—the first digital-asset bank in the U.S. to gain direct access to the Fed’s payments system, including Fedwire. “As we know, the payments landscape is actively evolving,” Kansas City Fed President Jeff Schmid noted. Reuters
Kraken says the account gives it direct access to Fedwire, cutting down on the need for correspondent banks. “This milestone marks the convergence of crypto infrastructure and sovereign financial rails,” said Arjun Sethi, co-CEO of Payward and Kraken. Kraken Blog
Coinbase wasn’t alone—shares of other crypto-tied names moved, too. Strategy and Robinhood traded up as well, echoing bitcoin’s latest jump.
Still, the rebound hinges on two quick-change factors: bitcoin’s volatility and the political backdrop. Should the Clarity Act stall, or Congress decide to clamp down further on stablecoin rewards, the policy boost traders are counting on could evaporate in a hurry.
Coinbase shares jumped Wednesday, mirroring swings in crypto prices and reflecting the political climate in Washington. Investors now eye the next moves from Capitol Hill and gauge if bitcoin manages to sustain its freshly reclaimed levels.
