Shares of Coinbase hit their highest price in a year on Wednesday as the company benefits from increased national and global regulatory clarity, as well as a price target boost from a major investment research firm.
The stock price of the largest crypto exchange in the U.S. has surged 38% since June 18, after the U.S. Senate passed the first bill to establish a regulatory framework for stablecoins, a type of cryptocurrency pegged 1:1 to the U.S. Dollar. The stock has continued to grow this week, gaining 2% on Wednesday to reach a 52-week high of $369 before settling around $352.
The Senate bill, referred to as the GENIUS act, must still pass the House of Representatives before it becomes law. If it does, it’s expected to…
