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Coinbase (COIN) surged 10% in after hours trading after the company became the first crypto firm to join the S&P 500 index. Shares in the company pumped over 3% during yesterday’s US trading session, and continued to rally in after hours trading, according to Google Finance data . As a result of the recent surge, COIN trades at $207.22 as of 1:03 a.m. EST. Coinbase CEO Says S&P 500 Inclusion Confirms “Crypto Here To Stay” S&P Global said in a May 12 announcement that COIN will be added to the S&P 500 index on May 19. The leading US crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), according to the announcement. “This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along: crypto is here to stay,” said Coinbase CEO Brian Armstrong in a May 12 post on X. Coinbase just becam...

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A quarter of S&P 500 firms could hold Bitcoin on their balance sheets by 2030, according to a report from tech-focused financial advisory firm Architect Partners. “Why? Because those managing treasury assets won’t be able to say they didn’t at least try,” said partner Elliot Chun in a March 28 blog post. “ If you tried it and it worked, you’re a genius. If you tried it and it didn’t work, you at least  tried . Either way, you likely keep your job. But if you  didn’t try it and can’t provide a good reason, your job may be at risk.” Companies Trying To Replicate Strategy’s Performance Are Setting Themselves Up For Failure Strategy (formerly MicroStrategy), led by executive Chair Michael Saylor, was the first major company to add Bitcoin to its reserves. Since Strategy started its BTC acquisitions in August 2020, its share price has skyrocketed around 2,074%, the analyst noted.  More Bitcoin, Less...

Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high. Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. The latest Macro Markets show begins by exploring why the crypto market capitalization is some 60% below its all-time high, while the S&P 500 is less than 15% away from its peak. For Pechman, the sector is suffering from a huge problem, as it doesn’t fit a commodity nor does it fit a foreign exchange currency. Moreover, not every mutual fund can hold crypto. The lesson? If Bitcoin (BTC) and Ether (ETH) are mostly understood as alternative risk assets, that’s how they’ll trade. Consequently, one should not waste time looking fo...