Fun

Citi upgrades Coinbase shares to ‘buy’ citing ‘shifting’ US politics

News Feed - 2024-07-24 11:07:42

Tom Mitchelhill6 hours agoCiti upgrades Coinbase shares to ‘buy’ citing ‘shifting’ US politicsAnalysts from Citi Group said a potential “crypto-friendly” administration and growing revenues are bullish catalysts for Coinbase shares.1167 Total views16 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksInvestment bank Citi has increased its share price target for crypto exchange Coinbase, citing a “shifting” political landscape and a recent Supreme Court decision in the United States as bullish catalysts for the stock. 


In a July 23 investor note viewed by Cointelegraph, Citi analysts Peter Christiansen, David Wieloszynski, and Nicolette Radomski upgraded their guidance on Coinbase (COIN) from “neutral” at $260 to a “buy” with a target of $345 in the coming months.


The investment bank cited the recent spate of developments in the United States election race as a reason for optimism, saying it was bringing about an “improving regulatory landscape” for crypto assets.


Former president and Republican nominee Donald Trump has made Bitcoin and crypto a key element of his election campaign, vowing to end the Biden administration’s “war on crypto,” ban CBDC, and expand protections for US-based Bitcoin miners.


Despite the growing number of SEC enforcement actions against crypto firms, including Coinbase, Citi analysts said the “balance of power” has now skewed in favor of Coinbase and digital asset firms.The number of enforcement actions from the SEC have increased in 2024. Source: Citi


Aside from a potential crypto-friendly administration in the US, Citi analysts also noted the overturning of the Chevron Defence Doctrine as increasing the “risk/reward setup” for owning Coinbase shares.


Related:Coinbase narrows subpoena, wants Gensler’s emails during time as SEC chair


On June 28, the Supreme Court voted to overturn the 40-year-old Chevron Defence Doctrine, which Joshua Simmons, a partner at Wiley Rein, told Cointelegraph was a “game changer” for crypto regulation in the United States.


With Chevron overruled, courts must use their own judgment when interpreting statutes and can no longer defer to an agency’s interpretation because of unclear laws. Citi analysts believes could be a boon for Coinbase in its ongoing lawsuit with the regulator.


“We are not legal experts, though the decision does cast doubt whether the SEC’s interpretation of the Howey test, a key basis employed to test whether an asset is to be deemed an invest contract, remains an infallible construct in their prosecution,” wrote the analysts.


Additionally, the investment bank noted the increased user figures of Coinbase’s layer-2 network Base and looked to the launch of spot Ether (ETH) ETFs as an additional stream of income for the crypto exchange moving forward.


“Along with industry/crypto market exposure, we think COIN could benefit additionally from a potential US crypto catchup against relatively higher onchain activity/liquidity that has developed abroad,” the analysts said.


X Hall of Flame:Ethereum’s recent pullback could be a gift — Dynamo DeFi# Coinbase# Cryptocurrencies# Business# Adoption# Cryptocurrency Exchange# Shares# Citi# Stock Investment# Cryptocurrency InvestmentAdd reaction

News Feed

Hong Kong Crypto Exchange Launches Hardware Wallet With Fingerprint Recognition
Hong Kong Crypto Exchange Launches Hardware Wallet With Fingerprint Recognition The Hong Kong-based crypto exchange Gate.io has launched a new type of hardware w
Okex Halts Withdrawals Due to ‘Out of Touch’ Private Key Holder, Founder Star Xu Talks With Police
Okex Halts Withdrawals Due to "Out of Touch" Private Key Holder, Founder Star Xu Talks With Police The digital currency exchange Okex disabled cryptocurrency wit
Bitcoin’s range-bound price action could kickstart BNB, TON, AAVE and HNT
Rakesh Upadhyay1 hour agoBitcoin’s range-bound price action could kickstart BNB, TON, AAVE and HNTBitcoin’s price consolidation could convince traders that it"s time to play with altcoins. BNB, TON, AAVE and HNT are
XRP Forms A Bullish Pattern In 4-Hour Chart – Analyst Expects $4.20 After Breakout
Este artículo también está disponible en español. XRP is currently at a critical juncture, trading at a key level after breaking its all-time high just eight days ago. De
Savannah Fortis13 hours agoBitcoin sails the seas: Sailor paints giant ‘B’ on boat to promote crypto across the wavesA captain from Brussels took his passion for sailing and Bitcoin and set sail on his Sato Boat pain
Tom Blackstone4 hours agoMultichain Executor has been ‘draining’ AnySwap tokens: ReportThe contract has used an “anySwapFeeTo” function to transfer hundreds of thousands of dollars worth of tokens to itself, whic
Fake ID crypto exchange sign-ups attract 2-year prison sentence
Ezra Reguerra1 hour agoFake ID crypto exchange sign-ups attract 2-year prison sentenceAustralian authorities sentenced a man who had used other people’s identities to open accounts on crypto exchanges.640 Total views1
What is a Helium miner and how does it work?
Dilip Kumar Patairya13 hours agoWhat is a Helium miner and how does it work?Explore Helium miner, a decentralized device that earns cryptocurrency by providing IoT network coverage and validating transactions.36406 Total
Biggest Movers: WAVES up 50% on Tuesday, as RUNE and LUNA Move Higher
Biggest Movers: WAVES up 50% on Tuesday, as RUNE and LUNA Move Higher WAVES was undoubtedly Tuesday’s biggest gainer, climbing by as much as 50% during the session. Gains in
Report: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities
Report: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities Cambodian authorities have reportedly said that no cryptocurrency company has been issued a busines
Whales Accumulate 100 Million Dogecoin In 24 Hours – Demand Signals Growing Confidence
Este artículo también está disponible en español. Dogecoin has faced increased volatility and selling pressure as February kicks off with uncertainty across global market
Derek Andersen15 hours agoGalxe protocol experiences DNS attack, losses top $150K and still growingThe Web3 platform’s website has been restored, but the company still warns against using it. The hack may be linked to