Coinbase (NASDAQ:COIN) shares jumped 7.1% in pre-market trading on Friday as investors responded to a combination of bullish comments from CEO Brian Armstrong, growing expectations of US crypto legislation and a powerful short squeeze across digital asset markets.

The advance followed Armstrong’s appearance on CNBC and continued positive sentiment stemming from the recent White House crypto summit, which has increased expectations of a more supportive regulatory framework for the US digital asset industry.

Armstrong sees potential for new crypto bull market

During his CNBC interview, Armstrong struck an optimistic tone on the outlook for cryptocurrency trading activity.

“there’s a good…