After a severe pullback on Bitcoin weakness, Coinbase (COIN) is showing big signs of life again.
For one, Bitcoin appears to have finally bottomed out, now up $4,774 to $73,092. Two, President Trump is siding with cryptocurrency firms “in their high-stakes battle with U.S. banks over whether they can offer interest-like returns on stablecoins,” says CNBC.
In fact, as noted by Trump on his X page, “The Genius Act is being threatened and undermined by the Banks, and that is unacceptable – We are not going to allow it. The U.S. needs to get Market Structure done ASAP. Americans should earn more money on their money.”
At issue is whether crypto exchanges such as Coinbase should be allowed to offer rewards programs that pay customers an annual percentage yield on stablecoins they hold. Coinbase, for example, offers a healthy annual yield on certain coins, which are often above bank deposit rates, which are close to nothing. The fear is that if yield-like payments could encourage banking customers to shift money away from traditional bank accounts.
“Banking groups have flooded lawmakers with letters and calls, warning that high-yield crypto tokens could drain deposits and threaten lenders. Executives from JPMorgan Chase and Citigroup have joined the push to regulate or limit crypto rewards to protect traditional banking, a WSJ report pointed out,” they added.
Should we see progress in the fight for interest-like returns, Coinbase could explode higher.
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Just yesterday, shares of Target exploded higher on news it’s back on track to end its sales slump after another poor quarter.
In fact, Target CEO Michael Fiddelke said the company is “out of the gates strong this year,” as noted by CNBC. Also, while he noted that one month of growth “does not make a trend,” he said the February sales increase gives him “confidence” that the company is moving back to growth.
Today, TGT is up again in premarket after analysts at Telsey upgraded the retailer to an outperform rating. The firm said, “We are upgrading our rating on TGT shares to Outperform to reflect our confidence in the company’s strategy to drive growth by recapturing its Tarzhay merchandising magic, enhancing the customer experience, and leveraging technology and AI across operations, including stores and fulfillment to make more informed, faster decisions,” as quoted by CNBC.
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