Bitcoin was on track for a roughly 9% weekly gain, while Ethereum (ETH-USD) appeared set to rise about 11%. Analysts said the uptick comes amid growing optimism over a clearer regulatory environment in the U.S.

On March 11, the Securities and Exchange Commission and the Commodity Futures Trading Commission reported a memorandum of understanding to coordinate efforts in developing a fit-for-purpose regulatory framework for crypto assets and emerging technologies. The move follows inflows of $619 million into cryptocurrency investment products last week.

Brett Munster of Blockforce Capital noted that Bitcoin may have already touched the upper edge of a probable bottoming zone. He said the bulk of the recent drawdown appears to be behind the market, with the potential for a broader turnaround emerging around mid-year. Once selling pressure fades, even modest new inflows can move the market, he added.

Shares of crypto-focused companies reflected the rebound, with MARA Holdings
MARA
up about 14%, Strategy
MSTR
rising 5%, and IREN
IREN
gaining 4.5%.

source:https://www.tradingview.com/news/gurufocus:ccfe252ea094b:0-strategy-mara-and-iren-lead-crypto-stock-rally-as-bitcoin-jumps-9/