Latest news with #digitalcurrency
Yahoo
3 hours ago
- Business
- Yahoo
Watch These Coinbase Price Levels as Stock Soars on Stablecoin Optimism
Coinbase shares soared after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. After bottoming out in early April, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Investors should watch crucial overhead areas on the Coinbase chart around $330 and $450, while also monitoring support levels near $265 and $ Global (COIN) shares soared this week after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. Investors see the legislation, the first major framework approved by Congress dealing with the digital currency industry, as a win for Coinbase as it provides regulatory clarify, legitimizing the exchange's stablecoin business and revenue streams. On Wednesday, the company unveiled a new product named Coinbase Payments, a solution that allows customers to make payments using stablecoins on a range of commerce platforms. Coinbase shares soared 16% to around $295 on Wednesday, ahead of Thursday's U.S. markets holiday. The stock is now up 19% since the start of 2025, handily outpacing the roughly 2% gain of the S&P 500 over the period. Below, we take a closer look at the Coinbase chart and use technical analysis to identify price levels that investors will likely be watching. After bottoming out in early April amid a broader stock market sell-off, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Indeed, the price staged a decisive breakout from the pennant in Wednesday's trading session, a move that coincided with a sharp uptick in the relative strength index to signal accelerating momentum. Moreover, the jump occurred on the highest volume in over a month, suggesting strong buying conviction. In another win for the bulls, the 50-day moving average (MA) continues to converge toward the 200-day MA, setting the stage for a bullish "golden cross" signal. Let's identify two crucial overhead areas on the Coinbase chart to and also locate support levels worth monitoring. The first overhead area to watch sits around $330. This location on the chart may provide resistance near last November's twin peaks that formed just below the stock's early-December high. A decisive close above this area could see the shares trend higher toward $450. We projected this area using the bars pattern tool. When applying the technique to Coinbase's chart, we take the price bars comprising the uptrend that preceded the flag and overlay them from the pattern's breakout point. This projects a target of $450 and indicates the move higher may play out until early August if price action rhymes. During retracements in the stock, it's initially worth monitoring the $265 level. A pullback to this area would likely attract support neat the breakout area, which also closely aligns with last year's prominent June and July peaks. Finally, a more significant drop opens the door to a retest of lower support around $212. Investors may look to accumulate Coinbase shares in this region near a multi-month horizontal line that connects a series of trading activity on the chart stretching from February last year to May this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Watch These Coinbase Price Levels as Stock Soars on Stablecoin Optimism
Coinbase shares soared after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. After bottoming out in early April, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Investors should watch crucial overhead areas on the Coinbase chart around $330 and $450, while also monitoring support levels near $265 and $ Global (COIN) shares soared this week after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. Investors see the legislation, the first major framework approved by Congress dealing with the digital currency industry, as a win for Coinbase as it provides regulatory clarify, legitimizing the exchange's stablecoin business and revenue streams. On Wednesday, the company unveiled a new product named Coinbase Payments, a solution that allows customers to make payments using stablecoins on a range of commerce platforms. Coinbase shares soared 16% to around $295 on Wednesday, ahead of Thursday's U.S. markets holiday. The stock is now up 19% since the start of 2025, handily outpacing the roughly 2% gain of the S&P 500 over the period. Below, we take a closer look at the Coinbase chart and use technical analysis to identify price levels that investors will likely be watching. After bottoming out in early April amid a broader stock market sell-off, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Indeed, the price staged a decisive breakout from the pennant in Wednesday's trading session, a move that coincided with a sharp uptick in the relative strength index to signal accelerating momentum. Moreover, the jump occurred on the highest volume in over a month, suggesting strong buying conviction. In another win for the bulls, the 50-day moving average (MA) continues to converge toward the 200-day MA, setting the stage for a bullish "golden cross" signal. Let's identify two crucial overhead areas on the Coinbase chart to and also locate support levels worth monitoring. The first overhead area to watch sits around $330. This location on the chart may provide resistance near last November's twin peaks that formed just below the stock's early-December high. A decisive close above this area could see the shares trend higher toward $450. We projected this area using the bars pattern tool. When applying the technique to Coinbase's chart, we take the price bars comprising the uptrend that preceded the flag and overlay them from the pattern's breakout point. This projects a target of $450 and indicates the move higher may play out until early August if price action rhymes. During retracements in the stock, it's initially worth monitoring the $265 level. A pullback to this area would likely attract support neat the breakout area, which also closely aligns with last year's prominent June and July peaks. Finally, a more significant drop opens the door to a retest of lower support around $212. Investors may look to accumulate Coinbase shares in this region near a multi-month horizontal line that connects a series of trading activity on the chart stretching from February last year to May this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
South China Morning Post
17 hours ago
- Business
- South China Morning Post
US dollar uncertainty propels use of e-CNY
The geopolitical world is becoming multipolar. Inevitably, the international monetary system is also evolving towards one where several sovereign currencies coexist and compete with each other. Advertisement As the second-largest economy, China must broaden the international role and appeal of the yuan. To this end, it makes sense to set up a new operations centre in Shanghai, the key mainland financial hub, to boost the yuan's global reach. As announced at the just-concluded Lujiazui Forum in the city, the international operations centre will pilot a range of monetary policy tools to complement the rolling out of the digital renminbi. The strategy underscores Beijing's determination to promote the use of the e-CNY, a central bank digital currency (CBDC), on a worldwide scale. At a time when most countries are still grappling with the concept of a CBDC, China is moving full steam ahead. Successful trials in the retail use of e-CNY have been carried out across a dozen Chinese cities since 2023, and in Hong Kong since last year. Advertisement A promising cross-border payments and banking system called 'mBridge' is linking the CBDCs from the central banks of China, Hong Kong, the UAE, Saudi Arabia and Thailand.
Coin Geek
18 hours ago
- Business
- Coin Geek
App Store contains 'crypto' scams, lawsuit against Apple claims
Getting your Trinity Audio player ready... Apple (NASDAQ: AAPL) should be held accountable for hosting digital currency scam apps on the App Store, according to a lawsuit filed against the company in California last week. The suit is intended to be a class action. It was brought by Danyell Shin, who downloaded what purported to be a digital asset exchange app called Swiftcrypt from the Apple App Store. Instead, it solicited $80,000 worth of deposits from Shin and then stopped responding to all user interactions. The lawsuit targets Apple. It says that the App Store allegedly contains several malicious apps designed solely to extract digital assets from anyone who mistakes them for genuine digital asset applications and that Apple's representations that the App Store was a 'safe and trusted' platform for its users is partly to blame. 'Apple has structured its ecosystem so that customers rely on Apple for the perceived safety and reliability of the App Store,' it reads. It cites numerous instances of Apple's marketing surrounding the App Store, going as far back as Steve Jobs' press conferences in which the late founder describes the envisioned app store as 'an advanced system which will offer developers broad access to natively program the iPhone's amazing software platform while at the same time protecting users from malicious programs.' In addition to express representations from Apple, the suit also points to the centrality of the App Store to the whole Apple ecosystem, especially its practice of exercising exclusive control over how applications are distributed to iOS devices. The lawsuit claims that this gives users a false sense of security that Apple's review and vetting process can be trusted to shield them from 'unsafe or fraudulent' applications. The lawsuit reads: 'As a direct result of Apple's process for reviewing the Swiftcrypt app on its App Store and Plaintiff's reasonable reliance on Apple's representations assuring her that the app had been vetted, was safe, and could be trusted, Plaintiff was injured and lost approximately $80,000.' 'Contrary to Apple's representations and stated processes for correction, Plaintiff and other users of Switcrypt were never notified by Apple that Swiftcrypt was a dangerous app used for fraud and malicious activity. Because of the false and deceptive material misrepresentations at issue, Plaintiff also overpaid for her iPhone.' The suit levies two counts against Apple: one for violation of competition law and another for violations of California's consumer protection laws. As the lawsuit proposes to be a class-action lawsuit on behalf of anyone in the same shoes as Shin, the court needs to first 'certify' the class—in other words, to satisfy itself that a class action is appropriate for the circumstances of the case. Apple has yet to respond to the lawsuit. However, its exclusivity arrangements regarding its App Store have been a bone of legal contention for years. The most high-profile challenge, Epic Games v Apple, was filed by app developers and complained about Apple's terms, which prevent apps from containing any 'in-app purchases that do not go through the App Store,' where Apple takes a 30% cut of developer revenues. Apple's practices largely emerged from the lawsuit unfettered. This week, a £1.5 billion ($2 billion) anti-competition class action suit will be trial in London. It accuses Apple of anti-competitive conduct over its App Store exclusivity, saying that the company acts as a monopolist by preventing alternatives that might allow consumers and developers better deals. The latest lawsuit is Shin v Apple Inc. Its case number is 5:25-cv-05000. Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> App Store Apple Danyell Shin Fraud Scam Steve Jobs Swiftcrypt
The National
21 hours ago
- Business
- The National
Best photos of June 19: An airstrike in Israel to growing proteas in South Africa
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence. The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
