Crypto

Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts – Coinbase Glb (NASDAQ:COIN)

Published

4 months ago

July 24, 2024

Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts – Coinbase Glb (NASDAQ:COIN)

Investment bank Citi upgraded shares of cryptocurrency trading platform, Coinbase Global Inc. COIN, from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.

What Happened: Analysts led by Peter Christiansen raised their guidance on the cryptocurrency-linked stock from neutral at $260 to a buy with a target of $345, according to a Bloomberg report Tuesday.

“Shifts in the U.S. Election landscape and the Supreme Court’s overturning of the long-standing Chevron precedent has changed our view on Coinbase’s regulatory risks,” Christiansen wrote.

The analyst added that the upcoming U.S. elections are taking a positive pivot toward the cryptocurrency industry in the wake of President Joe Biden‘s withdrawal from the presidential race.

“President Joe Biden’s time in office had led many to conclude that the potential for pro-cryptocurrency legislation would fare better under a different administration.”

Furthermore, the analyst believes that the Supreme Court’s decision to remove the Chevron Defence Doctrine, which limits regulators’ power, could benefit Coinbase in its ongoing legal tussle with the SEC.

See Also: Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is ‘Far Below’ $45M A Month So Far

Why It Matters: Coinbase is one of the most high-profile cryptocurrency-associated stocks on Wall Street, with a market capitalization of $63.26 billion.

Shares of the company have jumped nearly 70% year-to-date, coinciding with the broader recovery in the cryptocurrency market. This follows a lackluster performance during the 2022-23 bear market when the stock failed to reach $100.

Coinbase was hit by an enforcement action by the SEC on charges of operating an unregistered securities exchange. In response, the cryptocurrency exchange has also sued federal regulators, accusing them of hindering the industry’s growth.

Price Action: Shares of Coinbase closed 2.38% lower at $258.83 during Tuesday’s regular trading session, according to data from Benzinga Pro.

Photo by rafapress on Shutterstock

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Crypto

WisdomTree launches ETP focused on XRP cryptocurrency

Published

5 hours ago

November 21, 2024

Press Room

WisdomTree launches ETP focused on XRP cryptocurrency

WisdomTree has launched a new cryptocurrency exchange-traded product (ETP), the US asset manager announced today, with a focus on the XRP digital currency.

The new WisdomTree Physical XRP (XRPW), joins the firm’s $1.1bn lineup of physically backed cryptocurrency products, designed to provide European investors with a straightforward, regulated means of investing in digital assets without direct ownership.

The XRP asset, native to the XRP Ledger (XRPL), has carved out a unique role for itself in the digital currency landscape, as a blockchain optimised for cross-border payments and high-speed transactions.

Crypto

Bitcoin Hits $95K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To $135K – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Published

12 hours ago

November 20, 2024

Press Room

$Bitcoin Hits K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To 5K – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)$

Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration.

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
Bitcoin BTC/USD	+2.73%	$94,794.86
Ethereum ETH/USD	-0.98%	$3,083.96
Dogecoin DOGE/USD	-0.87%	$0.3845

What Happened: The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding.

With the latest uptick, Bitcoin’s weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%.

On the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.

Bitcoin’s rally followed reports of a dedicated cryptocurrency role in Trump’s administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.

Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.

Bitcoin’s Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.

Most of the new bets favored Bitcoin’s price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.

Market sentiment remained in the “Extreme Greed” zone, as per the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
Floki (FLOKI)	+14.94%	$0.0002822
UNUS SED LEO (LEO)	+6.46%	$8.47
Tezos (XTZ)	+5.35%	$1.08

The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.

Stocks traded mixed on Wednesday. The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average

The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.

Nvidia Corp. NVDA shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected.

.See More: Best Cryptocurrency Scanners

Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin’s Dec. 2020 trajectory, observing a “nearly identical” Relative Strength Index (RSI).

“If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000,” Martinez added.

Another widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a “post-breakout retest.”

“These retests aren’t always necessary but BTC’s most recent downside wicking demonstrates that there is at least retesting intent in the price action,” the analyst remarked.

Photo by SvetlanaParnikova on Shutterstock

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Crypto

Trump advisers weigh White House crypto role – report (BTC-USD:Cryptocurrency)

Published

20 hours ago

November 20, 2024

Press Room

Trump advisers weigh White House crypto role – report (BTC-USD:Cryptocurrency)

Walter Bibikow/DigitalVision via Getty Images

President-elect Donald Trump’s team of advisers is holding talks with the digital asset industry about whether to form a new White House position focused on cryptocurrency policy, according to a media report.

The team is vetting candidates for such a