While many cryptocurrencies aren't the sort of hedge against uncertainty many expected (the whole 'digital gold' argument has been largely debunked, given the relatively high correlation between cryptos and equities of late), there's some allure to diversifying holdings away from assets that could be negatively impacted from some sort of fiat currency event.

That's perhaps putting it lightly.įinancial market contagion risks appear to have bolstered appetite for other asset classes. There's a lot going on with Coinbase right now. If this is the case, precedent-setting legislation (likely positive for the crypto sector overall) could be handed down. The company has sought to push these lawsuits into binding arbitration, a move that many experts think will be approved by this current majority conservative Supreme Court. However, until now, payments could only be made on the platform via credit card - Coinbase has since opened up payments, allowing local purchases to be made in Brazilian reals via a partnership with Ebanx.įinally, there's growing optimism around Coinbase's two ongoing class action lawsuits. Coinbase had already hired 40 employees in Brazil, and its platform is fully available in Portuguese. Ultimately, USDC regained its peg, and Coinbase's interest-generating model tied to this token remains intact.Īdditionally, there's some interesting news circulating today around the company's expansion into the Brazilian market. Coinbase has shut down its support for Signet and reportedly supported Circle's USDC stablecoin via a significant $3 billion offer to backstop the token. Notably, the fallout from key crypto-related banks appears to have little effect on Coinbase and could potentially improve this centralized crypto exchange's status as one of the last remaining options for conventional investors to access the crypto markets. That said, there are a number of other catalysts driving this impressive move in Coinbase stock today.

Outlook for coinbase