Bitcoin News Today: S&P 500 Hits Ninth All-Time High Driven by Crypto Stocks and Earnings

The S&P 500 achieved its ninth all-time closing high of 2025 on Thursday, rising 0.54% to 6,297.36. This surge was driven by a significant increase in crypto stocks and positive earnings reports that exceeded expectations. The Nasdaq Composite also ended the day at 20,885.65, up 0.75%, marking its tenth record of the year. The Dow Jones Industrial Average added 229.71 points, or 0.52%, closing at 44,484.49. All three major indexes reached new intraday highs before the market closed.

The Trump’s GENIUS Act, signed into law the same day, played a pivotal role in boosting crypto stocks. This legislation, the first full-scale crypto regulation in the United States, was officially enacted at a ceremony attended by key political figures and industry leaders. The act solidifies crypto oversight into federal law, ensuring that future administrations cannot easily overturn its provisions. Noelle Acheson, an economist and author of "Crypto is Macro Now," highlighted the significance of this development, stating that it is one of the most important events in crypto this year. She emphasized that the law's status as federal legislation means it will be difficult for future administrations to reverse, especially as stablecoins become more integrated into the global financial system.

Coinbase, a major player in the crypto market, saw a 2% gain by the close of trading and even reached an intraday high above its IPO debut in 2021. This marks the fifth consecutive positive week for the company. Robinhood closed 4% higher, while Bitmine Immersion, which manages ether reserves, added 1%. The rally in crypto stocks was seen as a regulatory green light following the signing of the GENIUS Act. However, bitcoin slipped 1%, affecting firms directly tied to the coin, such as Strategy, previously known as MicroStrategy, which dropped 6%, and Mara Holdings, a mining firm viewed as a bitcoin proxy, which fell 2%.

Ether, the second-largest cryptocurrency by market capitalization, dominated the spotlight, soaring 18% this week alone. This rally brings ether’s two-week performance to 43.6%, its strongest showing since August 2021. In contrast, bitcoin's performance over the same period was slightly down. Meanwhile, the CLARITY Act, a separate and more comprehensive bill covering crypto market structures, passed the House of Representatives and is now heading to the Senate for approval.

Beyond the crypto market, economic reports provided additional reasons for traders to maintain a risk-on stance. The Labor Department reported that initial jobless claims for the week ending July 12 dropped by 7,000, landing at 221,000. This decline suggests that layoffs have not increased despite concerns about rate hikes and inflation, supporting the narrative that the labor market remains robust. Additionally, the U.S. Census Bureau reported that retail sales in June rose 0.6% from May, triple the 0.2% estimate projected by analysts. This indicates that consumer spending remains strong, which is beneficial for companies and investors alike.

Corporate earnings also contributed to the positive market sentiment. Roughly 50 S&P 500 companies have reported results so far, with 88% of them beating expectations. Notable winners included PepsiCo, which gained 7%, and United Airlines, which added 3%. By the end of the week, the S&P 500 is projected to be up 0.6%, with the Dow eyeing a 0.3% gain. The Nasdaq, however, is leading all three major indexes with a 1.5% rise so far in the week, making tech and crypto stocks the market’s top performers.