Coinbase News: Rosenblatt Recommends Buying Due to Stablecoin Growth, Especially USDC

Rosenblatt Recommends Buying Coinbase Due to Stablecoin Growth

Rosenblatt advises purchasing Coinbase as the growth of stablecoins, particularly USDC, offsets a decline in trading volumes. The total market capitalization of dollar-backed stablecoins has surged by over 46% in 2024, reaching record highs. USDC, the second-largest stablecoin, benefits from a 50% revenue-sharing agreement with Coinbase. Despite cautious market conditions leading to a 20% decline in daily average trading volumes in March compared to February, stablecoin growth remains strong.

Coinbase Premium Signaling a Bullish Shift for Bitcoin?

The Coinbase Premium Index has shown notable signs of a bullish shift for Bitcoin, raising questions about the implications for the broader market. The index has been trending toward positive territory, signaling heightened demand, particularly from U.S. investors. This trend may suggest a growing Optimism in the market, with increased activity from one of the largest exchanges in the United States potentially influencing global market sentiment.