A recent publication of The Kobeissi Letter highlights a significant increase in the shares of Coinbase (COIN) that surpasses the S&P 500 index.
Impact of the GENIUS Act on Coinbase's Stock Growth
In June, COIN shares rose by 43%, reaching their highest level since their public debut in 2021. This significant growth is largely attributed to a shift in investor focus towards stablecoin revenue, triggered by the progress of the GENIUS Act in Washington.
Market Strength Tied to BTC Performance
Nansen research analyst Nicolai Søndergaard noted that market strength is still primarily tied to Bitcoin's (BTC) performance. Currently, the price of BTC is around $108,093.73, after a 0.88% spike in the last 24 hours. Bitfinex analysts project that if BTC can hold the $102,000-$103,000 support zone, it could signal that a local bottom has formed.
Ark Invest Sells COIN Shares
Despite the recent growth, some companies are selling their Coinbase shares. On June 26, Cathie Wood's Ark Invest sold over $24 million worth of shares from Coinbase, even as the US crypto market displayed signs of strength and growing regulatory clarity.
In conclusion, Coinbase shares have become a leader in the market due to positive factors such as stablecoin regulatory progress and Bitcoin's overall strength. Meanwhile, actions taken by companies like Ark Invest underscore the ambiguity of current market conditions.
