Another day of rebound in the US stock market. On January 9, 2026, the S&P 500 and Nasdaq indices rose by 0.65% and 0.81% respectively, with the Dow Jones Industrial Average reaching a new all-time closing high. The market's positive reaction to December employment data, coupled with expectations that the Federal Reserve will maintain current interest rates, drove the major indices higher.

Interestingly, while the overall market was trending upward, crypto-related stocks showed a cold shoulder to the market. Strategy (ticker: MSTR) plummeted by 5.77%, a company specializing in Bitcoin investment strategies that has been struggling lately. On one hand, Bitcoin's price has been hovering around $91,000, and on the other hand, concerns about its leverage operations are also brewing. During the same period, Gemini (GEMI) fell about 4.5%, and Bitmine (BMNR) declined by 3.9%, with the entire sector showing a broad decline.

However, there are always exceptions. Circle (ticker: CRCL), a leading stablecoin company, rose by 2.78% against the trend, becoming one of the few bright spots in the sector. Amid increased market volatility and a gradually clearer regulatory framework, as a compliant stablecoin leader, its value in liquidity and risk hedging is being reassessed. This shift in capital allocation is quite interesting, reflecting the market's nuanced balancing act between risk assets and defensive assets.