Why Bitcoin and Strategy Stock Are Rallying Against All the Odds

Bitcoin has risen more than 1% this week. (Justin Sullivan/Getty Images)

Key Points

• Bitcoin rose 2.3% to $78,112 over a 24-hour period, showing resilience despite the collapse of the Clarity Act and a Federal Reserve rate hike.
• The Clarity Act, a key cryptocurrency bill, fell in the Senate on Tuesday, but investors had already accepted it was unlikely to pass this year.
• The Securities and Exchange Commission and Commodity Futures Trading Commission said they would still write crypto rules without legislation.

The collapse of the Clarity Act and a Federal Reserve interest-rate hike ought to have been a toxic combination for Bitcoin , but the world’s largest cryptocurrency has shown its resilience this week.

The token has risen 2.3% to $78,112 over the past 24 hours, meaning it’s now up about 1.3% since the start of Monday. It’s still about 38% off the record high it hit last October.

Crypto stocks were on track for a good session, too. Shares of Bitcoin investor Strategy rose 4.2% ahead of Friday’s opening bell. Digital-asset exchange Coinbase climbed 3.1%, and online trading platform Robinhood added 3.5%.

Bitcoin has rallied despite two potential setbacks this week.

Created with Highcharts 9.0.1Source: FactSetAs of Sept. 17, 3:50 p.m. ET

Created with Highcharts 9.0.1StrategyCoinbaseRobinhoodSept. 14Sept. 17-12.5-10.0-7.5-5.0-2.502.55.07.510.012.5%

The Clarity Act, a key crypto bill, fell in the Senate on Tuesday. The following day, the Fed raised rates for the first time in more than three years.

The crypto regulation stalling wasn’t too much of a worry—investors had already accepted that the Clarity Act was unlikely to pass this year.

After the decision, the Securities and Exchange Commission and Commodity Futures Trading Commission said they would still write crypto rules, with or without legislation.

Similarly, the market was already pricing in a potential Fed tightening cycle. The good news for crypto bulls is that oil prices have retreated in recent days, which could weaken the case for future rate hikes.

Write to George Glover at george.glover@dowjones.com

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