Crypto market soars past $4 trillion and Coinbase notches record—but traditional stocks flatline
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After Congress passed landmark crypto legislation Thursday, shares of crypto-related companies skyrocketed, but the larger market dipped on Trump tariff news.
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cryptocurrency
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July 18, 2025
08:11 PM
Fortune
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From what the evidence shows, What's remarkable is Companies·Crypto market soars past $4 trillion and Coinbase notches record—but traditional stocks flatlineBy Ben WeissBy Ben WeissCrypto ReporterBen WeissCrypto ReporterBen Weiss is a crypto reporter at Fortune
SEE FULL BIO Brian Armstrong, CEO of Coinbase, during a July conference in Idaho
Additionally, David Paul Morris—Bloomberg/Getty ImagesThe cryptocurrency market pushed past $4 trillion for the first time, while the S&P 500 flatlined ing a recent report on Trump’s tariff negotiations with the European Union (quite telling)
Crypto briefly soared while the broader stagnated Friday after Congress passed a landmark bill for digital assets
The total market capitalization for all cryptocurrencies pushed past $4 trillion for the first time in history before dipping later in the day
But traditional stock indices barely budged
Moreover, The S&P 500 closed the day essentially flat but posted a weekly rise of almost 0
Additionally, The Nasdaq was up 0 (remarkable data), in today's market environment
On the other hand, 4% on the day, and the Dow Jones dropped 0 (an important development)
On the other hand, On Thursday, the House passed three pieces of crypto legislation
Two bills went to the Senate for a further vote
Additionally, The third, which regulates stablecoins, or cryptocurrencies pegged to underlying assets the U
Dollar, had already passed in the Senate and went to the White House, amid market uncertainty
On Friday afternoon, President Donald Trump signed the bill, called the Genius Act, into law. “We worked hard
It’s a very important act, the Genius Act
The evidence shows analysis suggests that y named it after me,” Trump joked during a press conference before the bill signing
After Congress passed the bill, the world’s largest cryptocurrency Bitcoin briefly shot past $120,000, according to data from Binance
Crypto-related companies also saw their s rise in Friday morning trading
Additionally, The stock for U
In contrast, Crypto exchange Coinbase notched an all-time high as it quickly rose almost 6% to $444 after opened
What the re reveals is dipped later in the day, closing Friday up 2
The online brokerage Robinhood, which lets users buy and sell crypto, also recorded an all-time high of nearly $113 and posted a daily jump of 4%
On the other hand, CEOs for Coinbase, Robinhood, and other major crypto companies were in the audience during Trump’s signing of the Genius Act
Despite the Congress-fueled crypto craze, a report on Trump’s tariffs ly weighed on the larger market, in today's market environment
Furthermore, Negotiates with the European Union over a potential trade deal, Trump is said to be pushing for a minimum tariff on the EU of between 15% and 20%, reported the Financial Times, citing sources briefed on the talks
Kush Desai, a spokesperson for the White House, declined to on the report
Trump’s tariff negotiations have consumed the since early April, when he unveiled a suite of severe taxes on imports from U
This tells us that initially cratered before rallying and regaining their losses by early May
They’ve since surged and have notched repeated all-time highs, including on Thursday, when the S&P 500 and Nasdaq closed at new records
On the new Fortune Crypto Playbook vodcast, Fortune’s senior crypto experts decode the biggest forces shaping crypto today
Furthermore, Watch or listen now.
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