Why Is Coinbase (COIN) Stock Up Today?

Coinbase (NASDAQ:COIN) stock is on the rise today and recent actions from the company, as well as the U.S. Government, could be behind that increase.

A photo of various crypto coins on a black surface representing COIN stock.

Source: WHYFRAME/ShutterStock.com

First off, let’s talk about Coinbase blocking Russian wallets. According to the crypto exchange, some 25,000 wallets linked to Russian accounts have been blocked. That comes as it stands by sanctions against the country due to its war with Ukraine.

But that’s not the only news that might have Coinbase stock getting a boost today. There’s also President Joe Biden signing a new Executive Order (EO) covering cryptocurrencies to consider.

The EO from President Biden has six specific focuses in mind. They are as follows.

  • Protect U.S. Consumers, Investors, and Businesses
  • Protect U.S. and Global Financial Stability and Mitigate Systemic Risk
  • Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
  • Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
  • Promote Equitable Access to Safe and Affordable Financial Services
  • Support Technological Advances and Ensure Responsible Development and Use of Digital Assets

It’s also worth noting that the EO mentions the U.S. is considering its own digital dollar. This would be a Central Bank Digital Currency (CBDC). There’s several pros and cons to a digital dollar that you can read about here.

It’s possible that COIN stock got a boost ahead of the release of this EO. That would come as a surprise considering some details we’re leaked ahead of its release. Treasury Secretary Janet Yellen was behind this by posting her response to the EO last night.

COIN stock is up 10.7% as of Wednesday morning.

Crypto investors searching for more recent news today will want to stick around!

We’ve got all the latest crypto coverage with our daily deep dives into the space! That includes what’s happening with Zcash (ZEC-USD), SafeMoon (SFM-USD), and Cardano (ADA-USD) today. You can get all these details from the links below!

More Crypto News for Wednesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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