What happened
Wall Street’s trading week is ending positively for cryptocurrencies as most major tokens rise sharply on Friday. Even exchange Coinbase Global (COIN 4.67%) has continued its meteoric rise.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Shares of Coinbase jumped as much as 11.2% in early trading but were up just 2.5% as of 1:50 p.m. ET. The value of Ethereum (ETH 8.32%) popped as much as 9.2% in the last 24 hours while Dogecoin (DOGE 3.86%) was up as much as 7%.
So what
The week’s biggest news was Coinbase striking a deal with BlackRock to provide services to institutional clients of Aladdin, BlackRock’s investment management platform. This could bring billions of dollars of investments into Coinbase’s ecosystem and generate revenue from trading fees and staking.
Today’s news was that Meta Platforms‘ Instagram is rolling out non-fungible token (NFT) support in 100 countries with Coinbase Wallet as an option. Testing of the feature began in May and this is a broader rollout of the feature.
Forbes magazine also reported today that every U.S. crypto exchange is being investigated by the Securities and Exchange Commission (SEC), which could put regulation back in focus over the next few months. Coinbase has been wrapped up in a case that the SEC is enforcing and now it appears it’s not the only company being looked at. At the same time, Congress is already working to give the Commodity Futures Trading Commission (CFTC) most of the regulatory oversight for cryptocurrencies.
Outside of Coinbase’s news and more investigations, there isn’t much crypto-specific news out today and that’s driving the market. Crypto is actually rising as stocks are falling and investors try to make heads or tails of the earnings season so far.
Now what
In the U.S., Coinbase is the biggest exchange to watch and the biggest publicly traded crypto stock. So, being embraced by one of the biggest banks in the world is a huge vote of confidence in the company’s trading solutions and…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
