Bitcoin's move above $66,000 on July 21 has triggered significant gains across crypto-linked stocks, with Circle Internet Group (CRCL) leading the surge at 8.6%, BitMine Immersion Technologies (BMNR) advancing 3.61%, and Strategy (MSTR) rising 4.22%. According to data from crypto.news, the combined value of all cryptocurrencies increased 2.08% within 24 hours to reach $2.26 trillion, with Ethereum trading above $1,900 and XRP recovering beyond $1.14. The rally comes as investors position for the Federal Reserve's July meeting, with the central bank scheduled to meet on July 28-29.
The three crypto-linked stocks achieved notable technical milestones during Tuesday's session. Circle Internet Group broke above the upper boundary of a descending channel that had controlled its price since early June, with the former channel resistance near $65 now serving as the first area buyers may need to defend. BitMine Immersion Technologies broke above a descending trendline that had capped the stock since May, while the price also crossed the Supertrend level at $16.53. Strategy reclaimed the psychologically important $100 level after trading as high as $104.60 before briefly falling to $99.95.
BitMine Immersion Technologies acquired another 7,430 ETH during the week, raising its holdings to 5.78 million tokens, while the company has staked 4.92 million ETH (about 85% of its Ethereum treasury). The company also repurchased 5.5 million shares at an average price of $15.62. Strategy disclosed that the company increased its U.S. dollar reserves by $225 million, bringing total cash reserves to $3.2 billion, while maintaining 843,775 BTC in Bitcoin holdings. Circle Internet Group closed at $71.08 after reaching an intraday high of $72.68.
The Federal Reserve's upcoming July 28-29 meeting is expected to leave interest rates unchanged, with markets focusing on Chair Kevin Warsh's comments for insights into inflation, economic growth, and future policy changes. According to the report, a balanced policy message could help Bitcoin and crypto-linked equities preserve Tuesday's gains, while more hawkish guidance could encourage profit-taking and place the technical breakouts under immediate pressure. Strategy's Average Directional Index stands at 18.77, indicating the stock lacks strong directional momentum, leaving the breakout vulnerable to Bitcoin losing momentum or restrictive Fed policy signals.
