Coinbase Stock

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Impact

A new<a href="https://www.coindesk.com/markets/2024/07/23/coinbase-upgraded-to-buy-from-neutral-on-improving-regulatory-risk-citi/" rel="noopener noreferrer nofollow"> report</a> by Citi suggests that top <a href="https://thecoinrise.com/coinbase-accuses-the-sec-of-choking-crypto-industry/" target="_blank" rel="noopener noreferrer nofollow">crypto trading platform Coinbase Global Inc. may start benefitting</a>&nbsp;from the improving regulatory developments in the United States. In Citi’s research report where it upgraded the shares of the exchange, it noted that the precedent set by the Supreme Court’s verdict on the Chevron case will play a key role.
In a significant development, Citi upgraded Coinbase from “neutral” to “buy” and also raised its price target by over $80 from $260 to $345.&nbsp;
<h2 id="b-impact-of-the-supreme-court-s-verdict-on-chevron-b">Impact of the Supreme Court’s Verdict on Chevron</h2>
According to Citi, the stock is likely to witness positive movements following the outcome of the U.S. presidential election in November. Meanwhile, noteworthy is the overturning of the Chevron Defense Doctrine by the Supreme Court. In Citi’s opinion, this has bolstered investors’ confidence in the legal ecosystem.
Peter Christiansen, an analyst, believes there has been a notable improvement in the reward–risk dynamics for Coinbase. Markedly, about its legal defense against the U.S. Securities and Exchange Commission, SEC court case. In a recent development, Coinbase filed a pushback against the SEC’s allegations regarding its<a href="https://thecoinrise.com/coinbase-pushed-back-against-the-sec-allegations-in-foia-case/" rel="noopener noreferrer nofollow"> Freedom of Information Act (FOIA) case</a>.
<h2 id="b-citi-s-positive-outlook-on-coinbase-stock-performance-b">Citi’s Positive Outlook on Coinbase Stock Performance</h2>
In terms of Coinbase stock performance, it has recorded a 52% year-to-date jump. Hence, Citi maintains that a more favorable regulatory environment could see significant positive climb. Some possible impact could be unlocking institutional capital, upsurge in investment and improved partnership between traditional finance organizations and crypto-based ones.
While Citi’s research report paints a positive future for Coinbase, market watchers say these predictions will likely depend on market sentiments. They cite market volatility and unforeseen developments as possible factors that could disrupt projections.
<h2 id="b-coinbase-enhancing-user-experience-with-new-crypto-app-b">Coinbase Enhancing User Experience with New Crypto App</h2>
Meanwhile,<a href="https://thecoinrise.com/coinbase-to-launch-crypto-app-hub-to-boost-user-experience/" rel="noopener noreferrer nofollow"> Coinbase, is set to unveil a crypto based app</a> that will enhance users’ experience by facilitating efficient portfolio management and allow them to connect multiple wallets to the new app. The overall goal is to eliminate the need for users to crisscross multiple platforms, thereby enhancing usability and efficiency.
Overall, stakeholders in the crypto space believe that the sector is gaining traction, particularly with spot Ethereum ETF going live for trading after months of regulatory hurdles crossed. They are optimistic that more crypto friendly policies are in store.
The post <a href="https://thecoinrise.com/coinbase-bags-upgrade-to-buy-amid-lower-regulatory-risks/" rel="noopener noreferrer nofollow">Coinbase Bags Upgrade to “Buy” Amid Lower Regulatory Risks</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Coinbase Bags Upgrade to “Buy” Amid Lower Regulatory Risks

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