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Symbol COIN
Name Coinbase Global, Inc.
Currency USD
Sector Information Technology
IndustryGroup Software & Services
Industry Software
Market NASDAQ Global Select
Country United States
State DE
City Wilmington
Zipcode 19801
Website http://www.coinbase.com
Coinbase shares are experiencing heightened demand amid uncertainty surrounding the upcoming US election, with investors favoring a potential Trump presidency due to his crypto-friendly stance. Recent data shows a surprising drop in weekly initial claims for US unemployment benefits, which may positively influence market sentiment. The technical outlook suggests that overcoming the $220 mark could lead to further gains, while a fall below $200 might intensify downward pressure.
IG
Kraken, one of the oldest crypto exchanges, is set to launch its own blockchain named Ink early next year, aimed at facilitating decentralized applications for trading, borrowing, and lending tokens without intermediaries. The blockchain will utilize technology similar to Coinbase's Base, which has emerged as a leading DeFi platform since its launch. A testnet for developers will be available later this year, with the full platform expected to open to users in the first quarter.
Fairshake, a political action committee backed by major cryptocurrency firms, is set to spend over $40 million in the final weeks of the 2024 US elections, adding to the $140 million already deployed in various Congressional races. This funding has significantly impacted the race for Ohio's Senate seat, where Republican challenger Bernie Moreno has closed the gap on incumbent Democrat Sherrod Brown, making the contest highly competitive.
Regulatory scrutiny of the cryptocurrency sector has intensified, with U.S. banks like Customers Bank and United Texas Bank facing enforcement actions for deficiencies in anti-money laundering practices. Meanwhile, TD Bank received a multi-billion-dollar fine for failing to monitor transactions adequately. Despite these challenges, European firms like Sygnum Bank and Bison Digital are finding opportunities for growth by adapting to the evolving regulatory landscape.
Coinbase shares are experiencing high demand, driven by expectations of interest rate cuts from the ECB and Fed, alongside supportive measures from China for its economy. As investors eye the upcoming U.S. presidential election, Donald Trump leads Kamala Harris in polls, with the critical $200 mark for Coinbase shares in focus.
IG
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