COIN on TradingView.com<\/a><\/figcaption><\/figure>\nAt the time of writing, COIN shares were trading at $179 after hitting a three-month high of $223 last Tuesday.<\/span><\/p>\nFeatured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"In a strategic move to increase its influence in the political landscape, US-based cryptocurrency exchange Coinbase has committed an additional $25 million to Fairshake, a political action committee (PAC), as it prepares to support pro-crypto candidates ahead of the 2026 midterm elections. Coinbase CEO Armstrong Commits $25M To Fairshake Coinbase CEO Brian Armstrong confirmed the investment during the company’s third-quarter earnings call, stating, \u201cWe\u2019re not going to slow down post-election. We know we need to have pro-crypto legislation passed in this country.\u201d\u00a0 Fairshake, which has garnered backing from major players in the digital asset sector, including Ripple Labs and Andreessen Horowitz, aims to ensure that both Republican and Democratic candidates recognize the importance of cryptocurrency in their platforms.\u00a0 The committee is poised to spend over $40 million in the lead-up to the 2024 elections, having already invested $140 million in various congressional races across the nation. Related Reading: Analyst Claims Ethereum \u2018Is Not Dying,\u2019 Bitcoin Surge No Threat To Ether In the current political climate, Republican nominee Donald Trump has shifted his stance on cryptocurrency, now embracing the industry after previously labeling it as a scam, with promises including firing the Securities and Exchange Commission (SEC) chair Gary Gensler and Bitcoin as a strategic reserve asset for the nation.\u00a0 Conversely, Democratic Vice President Kamala Harris has pledged to support a regulatory framework for digital assets if elected. Armstrong noted, \u201cWe get the US election results in six days, and no matter how you slice it, it will be the most pro-crypto Congress ever.\u201d\u00a0 Coinbase\u2019s CEO emphasized the growing influence of the “crypto voter,” suggesting that their impact will only continue to expand. Despite these political developments, Coinbase’s stock faced significant pressure following the company’s recent earnings report, which fell short of expectations.\u00a0 Analysts Call Current Crypto Market Dip A \u2018Temporary Unwind\u2019 Coinbase shares dropped 14.3% on Thursday, marking the steepest decline since May 2022. This downturn was exacerbated by a broader market decline and disappointing earnings from other crypto-related firms, including Robinhood, which saw its stock tumble 15% after reporting weak results. However, analysts are viewing the current market conditions as a temporary setback. Devin Ryan of JMP Securities described the situation as a “temporary unwind” in crypto stocks, suggesting that long-term investors may find opportunities amidst the volatility.\u00a0 The analyst further pointed out that upcoming events\u2014such as the US elections and rising crypto prices\u2014could positively impact Coinbase’s fourth-quarter revenue if trends continue. Related Reading: Institutional Traders Bet On Bitcoin Exceeding $79,300 By End Of November Owen Lau, an analyst at Oppenheimer, also noted that the recent stock decline might be tied to concerns about subdued trading volumes and the potential impact of lower US interest rates on Coinbase’s stablecoin revenue.\u00a0 At the time of writing, COIN shares were trading at $179 after hitting a three-month high of $223 last Tuesday. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":650989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[88634,1393,87206,15524,91662,6664,14690,1558,54512],"class_list":["post-650988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-coin-stock","tag-coinbase","tag-coinbase-ceo","tag-coinbase-news","tag-coinbase-stock","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-defi"],"acf":[],"yoast_head":"\n
Coinbase Unveils $25M For Political Donations As Stocks Suffer Worst Day In Over Two Years<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n