COIN, CRCL, MSTR: Crypto Stocks Fall After Trump Signs Stablecoin Bill into Law
Elevate Your Investing Strategy:
Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Trump has signed the 'GENIUS Act' into law, marking a huge win for the crypto industry that had been lobbying for a regulatory framework to gain greater legitimacy among investors. The crypto legislation landed on Trump's desk after it was passed in the U.S. House of Representatives by a vote of 308 to 122, following earlier approval in the Senate.
The GENIUS Act bans yields, or interest payments, on regulated stablecoins, a move that is helping to boost cryptocurrencies such as Ethereum (ETH) that provide yield generation. Ethereum is currently trading near $3,800, its highest level of the year. Stablecoins are cryptocurrencies whose value is pegged to an underlying asset, typically the U.S. dollar or price of gold.
Use Case
Stablecoin use has exploded in recent months, with some Wall Street banks such as Bank of America (BAC) announcing plans to launch their own stablecoins. However, news that Trump signed the GENIUS Act into law has crypto stocks such as Coinbase and stablecoin issuer Circle trading lower. Analysts say investors are taking profits after a bull run in the lead-up to the legislation's passage.
Other well-known crypto stocks such as Strategy (MSTR) and miners such as Riot Platforms (RIOT) are also trending lower or trading flat on July 22. At the same time, cryptocurrencies are advancing, with prices for digital assets such as Solana (SOL) climbing 5% and Bitcoin (BTC), the largest cryptocurrency by market capitalization, up 2% in the past 24 hours.
Is COIN Stock a Buy?
The stock of Coinbase Global has a consensus Moderate Buy rating among 25 Wall Street analysts. That rating is based on 13 Buy, 11 Hold, and one Sell recommendations issued in the last three months. The average COIN price target of $342.40 implies 18.43% downside risk from current levels.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Morning Bid: Buy the dip, we can worry about jobs later
(Reuters) -A look at the day ahead in European and global markets from Wayne Cole. It's been a case of buy the dip so far on Monday as U.S. and European stock futures edge up, along with the dollar. The Nikkei suffered a delayed reaction to Friday's Wall Street rout and a jump in the yen, but the rest of Asia fared better. Early trade saw Fed fund futures price in 65 bps of interest rate cuts by December, but that's back to 60 bps now. That's still a world away from the 33 bps seen before Friday's weak U.S. payrolls report, and September is still 83% for an easing. In fact, the 25 bps drop in two-year yields on Friday was essentially the market doing a Fed rate cut for them, given how borrowing costs in the States are tied to yields not the funds rate. Ten-year yields also fell a steep 14 bps but met resistance around 4.20%, a level they have repeatedly struggled to break under since October last year. Longer term, downward revisions to payrolls have seriously challenged the U.S. claim to economic out-performance and the dollar's crown of exceptionalism. The latter was also tarnished by President Trump firing the head of the Bureau of Labor Statistics, an institution with an invaluable reputation for scrupulous honesty that won the trust of investors worldwide. Or, at least, it used to be. Now, Trump says he will chose a new head for the BLS in the next few days. Will it be an independent-minded statistician dedicated to providing credible data, or a Trump loyalist eager to please their master? U.S. assets enjoy a trust premium that will be really hard to maintain as Trump bends all levels of government to his will. Trump also just floated the idea of using some of the windfall from tariffs to pay "dividends" to a lucky group of Americans chosen by him - no doubt with special cheques bearing a "TRUMP" logo. So you slap taxes on everyone that buys imports, whether they have a choice or not, and then use part of the revenue to pay money to those you favour, in your name rather than the government that's actually doing the work. Talking of tariffs, a U.S. appeals court late last week heard arguments on the legality of Trump's "reciprocal" levies and sounded inclined to support the original ruling that the tariffs were illegal. Such a ruling would likely still go to the Supreme Court, which has tended to favour unbridled presidential power. Yet, should the tariffs be found illegal, not only would all the trade deals agreed or underway be null and void, but the Treasury would have to refund all the money collected. Wouldn't that be fun... Key developments that could influence markets on Monday: * Swiss CPI for July Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. (By Wayne Cole; Editing by Christopher Cushing) Sign in to access your portfolio
Yahoo
9 minutes ago
- Yahoo
Logitech International First Quarter 2026 Earnings: Beats Expectations
Logitech International (VTX:LOGN) First Quarter 2026 Results Key Financial Results Revenue: US$1.15b (up 5.5% from 1Q 2025). Net income: US$146.0m (up 2.9% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). EPS: US$0.99 (up from US$0.93 in 1Q 2025). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period Logitech International Revenues and Earnings Beat Expectations Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Looking ahead, revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Tech industry in Europe. Performance of the market in Switzerland. The company's share price is broadly unchanged from a week ago. Balance Sheet Analysis While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Logitech International's balance sheet and an in-depth analysis of the company's financial position. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
9 minutes ago
- Yahoo
Citi raises gold forecast to $3,500/oz over next 3 months on negative US outlook
(Reuters) -Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated. "U.S. growth and tariff-related inflation concerns are set to remain elevated during 2H'25, which alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs" the bank said. Last week, U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan. The tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on CBS show "Face the Nation" aired on Sunday. Last week, the dollar weakened after nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, which revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool Citi also highlights weaker U.S. labor data in second quarter of 2025, institutional credibility concerns have increased regarding the Federal Reserve and US statistics, and elevated geopolitical risks related to the Russia-Ukraine conflict. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Citi estimates gross gold demand has risen over one-third since mid-2022, nearly doubling prices by second quarter of 2025. The strength in gold demand was driven by strong investment demand, moderate central bank buying and resilient jewellery demand despite higher prices, the bank added. Spot gold was trading at $3,356.88/oz at 0340 GMT on Monday. [GOL/] Sign in to access your portfolio
