Coinbase (COIN) Debuts on NYSE

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee as we delve into what the day holds for Coinbase, the largest US-based exchange based on trading volume metrics. Despite the exchange’s Q1 earnings underperforming expectations, Coinbase made history by joining the S&P 500, and new developments are in the pipeline later today. Crypto News of the Day: Coinbase’s COIN Stock To Open on the NYSE After Joining S&P 500 BeInCrypto reported Coinbase Exchange’s landmark ascension to the S&P 500. Specifically, Coinbase Global Inc. will replace Discover Financial Services on the S&P 500, effective before the market opens on Monday, May 19. The report had sent Coinbase stock, COIN, up nearly 10% on May 12, and now the crypto equity has another bullish fundamental providing a tailwind on Tuesday. COIN opened on the New York Stock Exchange (NYSE) at 9:30 AM ET today, May 13, fresh off its inclusion in the S&P 500. Following the debut, the COIN price is up by over 16% and is trading for $241.23 as of this writing. The NYSE is one of the world’s largest stock exchanges, offering a marketplace for trading stocks, bonds, and other securities. Notably, the NYSE has strict listing requirements, meaning COIN stock trading there signals Coinbase Global Inc.’s stability and could attract more institutional investors. Being in the S&P 500 and the NYSE means index funds and ETFs tracking the index will buy COIN shares, increasing demand and potentially boosting the stock price. The Bitwise data highlights that $5.3 trillion from institutional investors and $1.6 trillion from ETFs will contribute to the $15 billion in estimated Coinbase purchases. This reflects the growing mainstream acceptance of crypto-related companies in traditional finance (TradFi). BeInCrypto’s recent US Crypto News coverage elaborated on how ETFs (exchange-traded funds) continue to increase institutional access to crypto. Chart of the Day Wall Street Firms Revise Fed Interest Rate Cut Projections Elsewhere, the Bureau of Labor Statistics (BLS) has just released its latest CPI data, showing inflation slowed at an annual rate of 2.3% in April. Based on this, major Wall Street firms have pushed back their forecasts for the Federal Reserve’s next interest‐rate cut. JPMorgan now anticipates the first reduction in December, a shift from its prior September projection. The bank also reports that the probability of a US recession has fallen below 50%. Citigroup economists have likewise delayed their call, moving the expected cut to July from June. Goldman Sachs, buoyed by optimism over a temporary US–China tariff truce, has deferred its penciled‐in July cut to December while trimming its 2025 US recession odds to 35% from 45%. Barclays, too, now sees its first move in December, revising back from an earlier July forecast. Taken together, these revised outlooks reflect growing confidence that the economy can withstand current policy settings longer than previously thought. Byte-Sized Alpha Here’s a summary of more US crypto news to follow today: US CPI data for April showed inflation cooled to 2.3%, prompting a surge in Bitcoin price as markets reacted positively. Bitcoin tops $100,000 and Ethereum hits $2,500, sparking debate on whether retail investors are truly returning to the market. Truth Social and Trump-affiliated entities deny rumors of a Truth Social meme coin launch, labeling them as misleading. Animoca Brands shifts its focus to a US IPO, citing favorable digital asset regulations under the Trump administration. Metaplanet is issuing $15 million in 0% interest bonds to acquire Bitcoin, aiming for 10,000 BTC by 2025. The US-China tariff relief deal triggered a market boost, but Bitcoin ETFs saw only $5 million in net inflows, the lowest since April 14. XRP’s price rose 3%, becoming the market’s top gainer amid growing bullish sentiment and surges in open interest . Pi Network plans a major ecosystem announcement at Consensus 2025 on May 14, highlighting its Web3 ambitions. Governor Katie Hobbs vetoed two cryptocurrency bills, SB 1373 and SB 1024, halting Arizona’s push for digital asset integration in public finance. Institutional interest and real-world asset tokenization are bolstering ETH’s case to potentially surpass Bitcoin in value and utility. Crypto Equities Pre-Market Overview Disclaimer In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Source: https://beincrypto.com/coinbase-stock-nyse-debut-sp500-us-crypto-news/