Fed Chairman Jerome Powell pointed out recent indicators that both consumption and production have decreased but added that the unemployment rate has remained low and that job growth in the first half indicates that we are not in a recession.
Bitcoin and Stocks on The Rise, But Bitcoin is Outpacing Both Major Indexes…
Following the news, Nasdaq gained about 4%, the S&P 500 gained around 2.5%, and Bitcoin surpassed both easily with gains of over 8% at the time of publishing.
CoinBase among stocks to outperform market average…
The company needed a good day following a 21% loss yesterday; today, they gained half of that back.
It’s been a hell week for Coinbase – first came news that SEC is closely monitoring Coinbase’s operations to determine if the exchange has allowed its users to trade tokens that could be considered unregistered securities. Coinbase denied that it lists securities for trading. Its blog reviews “every digital asset before it is made available on our exchange, a process that the SEC has reviewed.”
Then ARK Investments, managed by Cathie Wood, dumped $658 million worth of Coinbase shares, removing it entirely from their portfolio.
They end the day at $58.49 – still, the overall picture isn’t great, considering that they launched in April 2021 at $400.
But remember – a return of the crypto bull market and setting a new Bitcoin all-time high could send Coinbase back to the $300-$400 range shockingly fast, as their holdings triple in value, and increased trading activity would once again have them making millions in exchange fees.