Coinbase Stock Soars to New High Amid Crypto Market Surge
Coinbase (COIN) shares reached a new all-time high on Friday, briefly hitting $444 after a successful “Crypto Week” in the House of Representatives. Lawmakers passed the GENIUS, CLARITY, and Anti-CBDC Surveillance bills, fueling positive sentiment across the cryptocurrency sector.
The stock opened at $444 on Friday, reflecting the bullish trend. COIN shares rose by 3% on the day, extending its year-to-date gains to over 70%.
The broader cryptocurrency market mirrored this momentum, briefly surpassing the $4 trillion mark for the first time.
Legislative Wins Boost Crypto Confidence
The surge in Coinbase stock follows a productive “Crypto Week” in the U.S. House of Representatives, where legislators approved the GENIUS, CLARITY, and Anti-CBDC bills on Thursday.
President Trump is expected to sign the GENIUS bill into law, marking the first official cryptocurrency legislation in the U.S. The CLARITY and Anti-CBDC Surveillance State bills will now proceed to the Senate for deliberation and a final vote.
The GENIUS bill’s signing further legitimizes the cryptocurrency industry, particularly concerning stablecoin payments, which it seeks to regulate.
Coinbase Positioned to Benefit from Regulatory Clarity
Coinbase stands to gain from this new regulatory environment due to its involvement with Circle’s USD Coin (USDC), the second-largest dollar-backed cryptocurrency. The platform prioritizes the use of USDC on its platform, including its latest Base application, an “all-in-one app” unveiled at the “A New Day One” event on Wednesday.
The application integrates wallets, commerce, payments, social media, and mini-apps via the Base blockchain, utilizing the USDC stablecoin for transactions. Coinbase has also recently launched several solutions targeting everyday internet users, including a partnership with Shopify to enable customers to make payments via USDC on the Base network.
Analysts See Further Upside for Coinbase
Bernstein analysts previously raised their price target for Coinbase shares to $510 in June after it surpassed their previous forecast of $310 in the first quarter. The analysts stated that Coinbase shares are misunderstood, adding that investors are not fully capitalizing on the exchange’s position as a major cryptocurrency stock.
COIN is trading at $410 at the time of publication on Friday.
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