Why Coinbase, Ethereum and Dogecoin appeared today

What happened

Wall Street’s trading week is ending on a positive note for cryptocurrencies as most major tokens rally sharply on Friday. even exchange world coinbase (CURRENCY 4.67%) has continued its meteoric rise.

Shares of Coinbase were up as much as 11.2% in early trading, but were up just 2.5% as of 1:50 p.m. ET. The value of Ethereal (ETH 8.59%) appeared up to 9.2% in the last 24 hours, while doecoin (DOGE 3.47%) rose to 7%.

And that

The biggest news of the week was Coinbase reaching a deal with black rock to serve institutional clients of Aladdin, BlackRock’s investment management platform. This could lead to billions of dollars in investments in the Coinbase ecosystem and generate revenue from trading fees and staking.

Today’s news was MetaplatformsInstagram is rolling out non-fungible token (NFT) support in 100 countries with Coinbase Wallet as an option. Testing of the feature began in May and this is a broader implementation of the feature.

Forbes The magazine also reported today that the Securities and Exchange Commission (SEC) is investigating every US crypto exchange, which could bring the focus back to regulation in the coming months. Coinbase has been embroiled in a case that the SEC is pursuing and now it appears that it is not the only company that is being investigated. At the same time, Congress is already working to give the Commodity Futures Trading Commission (CFTC) most of the regulatory oversight of cryptocurrencies.

Outside of Coinbase news and more research, there is not much crypto-specific news today and that is driving the market. Cryptocurrencies are actually rising as stocks fall and investors try to make heads or tails of the earnings season so far.

Now what

In the US, Coinbase is the largest exchange to watch and the largest publicly traded crypto stock. Therefore, being accepted by one of the largest banks in the world is a huge vote of confidence in the business solutions and security of the company. As institutional investors look to get into cryptocurrencies, they are not only worried about making money, but also about the safety of digital funds after several issues have surfaced over the past year.

If institutions are becoming more interested in cryptocurrencies, it makes sense that both the values ​​of Coinbase and cryptocurrencies in general would increase. It is not clear if this trend will last, but that is the current thinking.

I think this is a long trend of more legitimacy and funding towards cryptocurrencies, which could be a tailwind for decades. Travel will be volatile, but I’m optimistic about the industry long-term.

Randi Zuckerberg, former director of market development and spokesperson for Facebook and sister of Meta Platforms CEO Mark Zuckerberg, is a member of the board of directors of The Motley Fool. Travis Hoium has positions in Coinbase Global, Inc. and Ethereum. The Motley Fool holds positions and recommends Coinbase Global, Inc., Ethereum, and Meta Platforms, Inc. The Motley Fool has a disclosure policy.

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