In the latest publication of The Kobeissi Letter, shares of Coinbase (COIN) recorded a significant spike. Moreover, the publicly-listed stock outperformed the broader market, including the other shares in the S&P 500. This June, COIN rose by 43%, surpassing the other shares to become the top performer in the S&P 500. GENIUS Act Impacts Positively on Coinbase Stock Performance The 43% surge pushed COIN to its highest level ever since its public debut in 2021. The spike is largely attributed to a shift in investor focus towards stablecoin revenue, triggered by Washington’s progress on the GENIUS Act for stablecoin regulation. For instance, Bitcoin (BTC) has recently rallied to over $108,600, gradually inching towards its previously held all-time high (ATH). This outlook is likely fueled by the series of positive institutional news entering the market. One of such is JPMorgan’s trademark application for digital asset services. Purpose Investments is also planning to launch a spot XRP ETF in Canada but is still awaiting regulatory approval from the appropriate authorities. Market Strength Remains Primarily Tied to BTC Even Nansen research analyst Nicolai Søndergaard acknowledged that the market strength is still primarily tied to BTC’s performance. As a result, he does not see the nearing of an ‘alt season’, even with altcoins like Ripple-associated XRP and Chainlink (LINK), registering strong gains. According to CoinMarketCap, BTC price is currently at $108,093.73, following a 0.88% spike in the last 24 hours. Already, Bitfinex analysts have projected that if BTC can hold the $102,000-$103,000 support zone, it could signal that a local bottom has formed. Additionally, Swissblock analysts anticipate significant volatility driven by Fed Chair Powell’s remarks during the next Federal Open Market Committee (FOMC) meeting. Ark Invest Offloads COIN Shares Although COIN has recently registered remarkable growth, a few companies may have missed out on it. On June 26, Cathie Wood’s Ark Invest offloaded shares from major fintech firms, including Coinbase. Precisely, the company sold more than $24 million worth of shares from Coinbase Global Inc. and Block Inc. At the time, the US crypto market was displaying signs of strength and growing regulatory clarity, which caused COIN to reach an all-time high (ATH). The post Coinbase (COIN) Shares Outperform S&P 500 Stocks appeared first on TheCoinrise.com .
