Perps Lift Crypto Stocks—Robinhood, Coinbase End Week In The Green After CFTC Move
Robinhood (HOOD) and Coinbase (COIN) ended the week’s final session in the green, with Robinhood’s stock leading the move as US regulators took steps that could expand the local market for crypto derivatives. Shares of Robinhood rose sharply, jumping about 11% on the day to close around $94 per share, which also marked the highest level the stock has reached since February. Coinbase (COIN) was not far behind, gaining close to 7% as the exchange’s shares finished the session near $189. That level sits in the middle of the stock’s broader consolidation range of roughly $160 to $215, a band it has been trading within since late March. CFTC Sparks HOOD And COIN Rally The rally for both companies was widely attributed to action from the Commodity Futures Trading Commission (CFTC). Earlier on Friday, the agency announced it would allow US firms to offer perpetual (perps) futures trading, a potential catalyst for new product launches and expanded trading activity within the United States. In