Cryptocurrency market surges forward as landmark legislation gains momentum, boosting Coinbase and propelling Bitcoin to unprecedented highs of over $82,000

Crypto markets climbed Thursday as the Senate Banking Committee advanced the long-awaited digital asset market structure bill known as the Clarity Act, a key step toward broader federal regulation of the industry.

The bill cleared the committee in a 15-9 vote, with support from two Democratic senators, allowing it to move forward to the full Senate.

Bitcoin rose to $82,000 as traders welcomed signs of regulatory progress in Washington. The largest crypto later retreated to $81,500, still up 2.5% over the past 24 hours.

Digital asset-linked equities also climbed during the session. Crypto exchange Coinbase (COIN) led gains, surging 8% as investors bet clearer rules could accelerate institutional participation in digital assets. Bitcoin treasury firm Strategy (MSTR) climbed 7%, while Ethereum-focused treasury company Bitmine (BMNR) advanced 5.6%.

USDC stablecoin issuer Circle (CRCL) and Bullish (BLSH), CoinDesk's owner, both pared early morning declines.

The broader risk-on mood extended beyond crypto, with both the Nasdaq 100 and S&P 500 pushing to fresh record highs.

AI chipmaker Cerebras (CBRS) soared as much as 100% above its IPO price in its afternoon trading debut, reinforcing investor appetite for artificial intelligence plays.

Data center names, many of them former bitcoin miners that pivoted into AI infrastructure, also moved higher. Keel Infrastructure (KEEL), formerly known as Bitfarms, jumped 9%, while IREN (IREN) and Hive Digital (HIVE) gained 5% and 8%, respectively.