Coinbase (NASDAQ: COIN) stock gained 9.55% to close at $160, following a surge in the broader cryptocurrency market that saw Bitcoin reach $71,200. The market rally was spurred by plans from the US Treasury to buy back US Treasuries to steady the bond market, improving liquidity for risk assets.
Adding to the momentum, US Comptroller of the Currency Jonathan V. Gould announced that the Office of the Comptroller of the Currency (OCC) plans to finalize stablecoin rules under the GENIUS Act by November. Gould stated that these rules will establish a regulated payment stablecoin industry supervised by the OCC.
Meanwhile, Coinbase CEO Brian Armstrong met with President Trump and other crypto executives at the White House on August 19 to discuss the CLARITY Act. Armstrong reported that President Trump affirmed the government's commitment to passing the bill, noting alignment between the SEC and the CFTC. The US Congress is scheduled to vote on the CLARITY bill on September 15.
Following these developments, Coinbase shares opened trading at $147 on August 20 and closed at $160, marking the stock's biggest single-day gain since May 11. Pre-market trading indicated a continuation of the upward movement, with the stock rising 7% to trade at $171. Technical indicators show the stock testing resistance at the 50-day EMA of $160, with an RSI reading of 53 pointing to mild bullish momentum, while potential support sits at the 20-day EMA of $153 if buying pressure eases.
