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Following Bitcoin’s surge to $90,000 after Donald Trump’s election win, Coinbase’s app shot to the second-most downloaded finance app in the US Apple App Store, up from 33rd last week.
Key Notes
Coinbase stock has surged by 45%, bringing year-to-date gains to over 103% as the exchange prepares for potentially favorable regulatory shifts.CEO Brian Armstrong emphasized the need for clear crypto securities guidelines, calling this "the dawn of a new crypto era".Coinbase introduced the COIN50 index, a fund containing 50 cryptocurrencies, primarily Bitcoin, Ethereum, and Solana.The strong Bitcoin and altcoin rally followed by Donald Trump’s victory last week has led to a major surge in demand for crypto among users. The latest data shows that Coinbase became the second most downloaded app in the Apple App Store for the US region and within the finance category.
This is a dramatic leap from the 33rd position last week, clearly highlighting the frenzy among crypto investors. This surge aligns with Bitcoin’s historic ascent, reaching $90,000 for the first time.
Popular newsletter Kobeissi predicts that Coinbase could claim the 1 spot in downloads very soon, reflecting heightened interest and FOMO-driven activity in the crypto market as investors respond to Bitcoin’s record-breaking performance.
Courtesy: The Kobeisse Letter
Following the Trump victory last week, Coinbase has been making a lot of noise on Wall Street with the COIN stock rallying 45% and shooting once again closer to its all-time high level of $324. With this, the COIN stock has extended its year-to-date gains to more than 103%.
For the quarter ending September 2024, the company reported an 81% surge in its revenue along with the recovery in the broader crypto market. On the other hand, the exchange has been gearing up for positive regulatory development under the Trump administration. During his recent interview with CNBC, Coinbase CEO Brian Armstrong said:
“We need to have a clear path for people to register crypto securities. For the last four years, the door has just been shut in our face. It’s really the dawn of a new crypto era with this election, because it’s the most pro-crypto Congress ever.”
Coinbase Unveils the COIN50 Index
On Tuesday, November 12, the crypto exchange announced the launch of its own crypto index fund dubbed Coinbase 50 or COIN50.
The investment fund consolidates 50 different cryptocurrencies, with Bitcoin, Ethereum, and Solana making up over 80% of its portfolio. Furthermore, the COIN50 also includes XRP, Dogecoin, and 45 additional digital assets.
Of course, with the purchase and sale of the COIN50 index, Coinbase will make some revenue, However, Greg Tusar, head of institutional product at Coinbase, said that this index fund is largely a “media play”. “There’s an opportunity for us to represent what happened in crypto. That creates a branding opportunity,” he said.
Coinbase isn’t the first to establish a metric for tracking crypto market performance. Both CoinDesk and Bloomberg have their own index-style benchmarks for cryptocurrency. However, Tusar believes there’s still room for competition. He added: “Given our brand position and the strength of the company, this is a gap in the space today”.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
