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 RallyThe 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.
The impact of the regulator’s steps was not limited to Coinbase. Other US-based firms have signaled they are exploring perpetuals, including trading platform Gemini and Robinhood, which already offers the product in Europe.
Robinhood Price Targets RiseOne item cited in the positive sentiment was Robinhood’s plan to give users the ability to connect artificial intelligence (AI) agents to their accounts for trading, as well as for credit card purchases.
Featured image created with OpenArt; chart from TradingView.com
