Back in April, when Donald Trump caused the stock markets to plummet, the crypto market remained stable and showed relative strength compared to other asset classes. With the recovery of the global stock markets, Bitcoin also made strong gains and once again established itself above the USD 100,000 mark. In the course of the recovery, shares in the segment benefited, above all the crypto exchange Coinbase. Since the low for the year on April 8, Coinbase has recorded a hefty gain of over 86% to USD 266.46. This has enabled Coinbase shares to sustainably break the downward trend that has been in place since December 2024. The breakout and support from the indicators point to a new all-time high of USD 349.49.
The company led by CEO Brian Armstrong was able to announce a milestone last week. Coinbase Global will become part of the S&P 500, replacing Discover Financial Services in the broad US market index from May 19. The index change is related to the planned takeover of Discover by Capital One Financial. The transaction volume amounts to USD 35.3 billion. If the merger is completed as planned on May 18, it will create the sixth largest bank in the USA. As a result, Discover will be removed from the S&P 500.
Coinbase is also planning to acquire Deribit Plattform. The Dubai-based company is the world's largest exchange for Bitcoin and Ether futures and options in terms of trading volume. The takeover price is expected to amount to USD 2.9 billion. Coinbase's market capitalization has risen to USD 67.87 billion in recent weeks.
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