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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Over the past 24 hours, Arbitrum’s ARB/USD price has risen 5.3% to $0.81. This continues its positive trend over the past week where it has experienced a 6.0% gain, moving from $0.75 to its current price. As it stands right now, the coin’s all-time high is $2.39.

The chart below compares the price movement and volatility for Arbitrum over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Arbitrum’s trading volume has climbed 53.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 3.56%. This brings the circulating supply to 3.34 billion, which makes up an estimated 33.39% of its max supply of 10.00 billion. According to our data, the current market cap ranking for ARB is #36 at $2.70 billion.

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.