Coinbase, Robinhood stocks hit all-time highs as Trump set to sign key legislation

Coinbase, Robinhood stocks hit all-time highs as Trump set to sign key legislation
The Street Crypto
The Street Crypto
BTC-1.86%
USDC-0.07%

The Coinbase (Nasdaq: COIN) stock hit an all-time high (ATH) of $444.64 within a few minutes of the market opening hours on July 18.

The stock has been hitting record highs of late, thanks to the progress on key crypto bills in the U.S. Congress.

The House of Representatives passed the GENIUS, CLARITY, and Anti-CBDC Acts the previous day, and President Donald Trump is expected to sign the GENIUS Act, which deals with stablecoin regulation, this afternoon.

Coinbase, the largest crypto exchange in the U.S., went public in April 2021 after its launch in June 2012.

Join the discussion with Scott Melker on Roundtable here.

The stock joined the much-coveted S&P 500 list this May, cementing its status as a dominant crypto player that is ready to challenge the hegemony of the established traditional finance giants.

COIN isn't the only crypto stock that is rallying ahead of the key legislation being signed into law.

HOOD also hits ATH

Robinhood Markets (Nasdaq: HOOD), the digital trading platform whose recent launch of tokenized stocks created much furor, also hit a new ATH of $113.44.

Though companies such as OpenAI have reacted sharply to the launch, the trading platform has doubled down on its suite of offerings, saying its stock tokens are backed by a special purpose vehicle tied to its own ownership stake that allows simulated exposure without direct equity transfer.

Join the discussion with CryptoWendyO on Roundtable here.

Despite the anticipation around the GENIUS Act becoming a law today, Circle Internet Group's (NYSE: CRCL), the company behind the USDC stablecoin, stock is nowhere near its record high of $298.99 as it trades at $232.82 at press time.

Strategy (Nasdaq: MSTR), the leading Bitcoin treasury company helmed by Michael Saylor, instead fell more than 3% to trade at $436.74 at press time.

The total crypto market cap is nearing $4 trillion as Bitcoin trades at $117,612.61 at the time of writing, down 0.9% in 24 hours.

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