There is plenty of coin stock news to be found in the cryptocurrency world. The latest is Coinbase’s announcement that it will offer Bitcoin trading services to its institutional clients. The company teamed up with BlackRock, the world’s largest asset manager, to offer its institutional clients Coinbase Prime. This will enable BlackRock’s users to trade in Bitcoin.
While this news is a positive for the cryptocurrency market, it’s not as positive as it could be. In addition, the Federal Reserve has announced plans to raise interest rates to combat inflation, which is usually bad for risky assets. The development of such projects demonstrates the growing interest in the cryptocurrency space. In the United Kingdom, for example, a fintech company has received registration from the financial regulator to offer cryptocurrency services. In addition, a non-profit organization has funded the largest group of active Bitcoin Core developers.
The price of COIN has been rising in recent days. The stock is currently just over three percent higher than its last close, which lags behind its peers RIOT and MARA. Those two stocks have risen between six and seven percent. A breakout will likely cause a stock to rally in the future.
Coinbase’s IPO could be a catalyst for mainstream investors looking to enter the cryptocurrency market. The company will be the first pure-play crypto trading company to list on a U.S. exchange. As the price of COIN rises, investors may be interested in getting some crypto exposure through this IPO.