Crypto market soars past $4 trillion and Coinbase notches all-time high—but traditional stocks dip
Crypto briefly soared while the broader markets 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. The S&P 500 closed the day essentially flat but posted a weekly rise of almost 0.7%. The Nasdaq was up about 0.4% on the day, and the Dow Jones dropped 0.3%.
On Thursday, the House passed three pieces of crypto legislation. Two bills went to the Senate for a further vote. The third, which regulates stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar, had already passed in the Senate and went to…
