Finance
Republican Victory Could Spark Growth for Coinbase and Crypto Market, According to Citi Research
A potential win for Republicans in the upcoming U.S. election might bolster Coinbase and the broader crypto market significantly, as outlined in a recent Citi report.
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A Republican sweep in the upcoming U.S. election could yield highly positive results for both Coinbase (COIN) and the overall cryptocurrency market, according to a Citi research report issued on Wednesday.
Key Points:
- A Republican-controlled Senate is deemed crucial for enacting bills like FIT21 and endorsing pro-crypto leadership within regulatory agencies.
- Should the Trump/Vance ticket prevail, the pace for digital asset reforms is expected to accelerate significantly.
- Conversely, a win by Democratic candidate Harris, alongside a split Congress, may create further uncertainty for the digital assets sector.
- Citi recently adjusted its price target for Coinbase to $275, down from a previous $345, yet maintains a 'buy' rating on its stock.
The election is scheduled for November 5, with results likely announced on November 8.
