More than 40 Democrats in the U.S. Senate and House of Representatives sent a letter to a federal regulator and to ethics officials to ask them to warn government officials that insider trading in derivatives is illegal and that bets they make on prediction markets firms like Polymarket and Kalshi qualify under that category.
The ranking Democrats on the Senate Banking Committee (Senator Elizabeth Warren) and Senate Agriculture Committee (Cory Booker) joined dozens of their colleagues in asking Chairman Mike Selig, chief of the Commodity Futures Trading Commission, and the leaders of the U.S. Office of Government Ethics to “circulate executive branch-wide guidance explaining that federal employees must refrain from insider trading in prediction markets.”
The request was spurred by the eruption of suspicious reports that recent event contracts on government or military action seemed to draw bets from people with special insight into the outcomes, leading many to believe that government officials — or people associated with them — may have made such bets. U.S. derivatives laws state the illegality of government officials making trades based on non-public information they got on the job. Since the CFTC has declared the contracts at such firms are regulated derivatives, the ban should hold true, the lawmakers contended.
“We ask that the CFTC and OGE issue guidance reminding federal employees of their existing legal obligation to refrain from using their insider governmental information to profit from prediction market trades,” said the letter, dated March 29
The instances of potential insider trading outlined in the letter included contracts on military actions in Venezuela and Iran, the length of a speech from President Donald Trump’s press secretary and the firing of former Department of Homeland Security Secretary Kristi Noem.
The letter was also signed by the top Democrats on the House Agriculture Committee, Representative Angie Craig, and the House Financial Services Committee, Representative Maxine Waters. The agriculture panels in both chambers are the ones that directly oversee the CFTC.
Selig’s CFTC has been working on a new set of policies to govern the prediction markets. Those businesses are closely related to the crypto industry, which is a current focus of many of the lawmakers on this letter, who are also working on the Digital Asset Market Clarity Act that’s been hung up in the Senate.
Also on Monday, news emerged that federal prosecutors reportedly spoke to prediction market firms about whether certain instances could trigger insider-trading cases.
ETH gained 2% as BitMine extended its buying streak.
Bitcoin briefly traded above $67,000 on Monday as a relief rally rippled through crypto markets, buoyed by signals that the U.S.-Iran standoff may be approaching a diplomatic resolution.
Bitcoin (BTC) is trading at around $67,000, up less than 1% over the past 24 hours. ETH and SOL rose 2% to $2,050 and $84, respectively. Meanwhile, Ripple (XRP) was unchanged at $1.33.
BTC Chart
Total crypto market capitalization remained flat at $2.39 trillion, according to Coingecko.
The bounce came after President Donald Trump said the U.S. was in talks with a “new regime” in Iran. Trump warned the U.S. would target the country’s oil infrastructure if a deal didn’t materialize, but the reference to diplomatic progress was enough to ease some of the risk-off pressure that has weighed on crypto since hostilities began five weeks ago.
BitMine purchased 71,179 ETH last week, its largest weekly buy of 2026. The roughly $143 million purchase lifted the firm’s total holdings to more than 4.73 million ETH, or about 3.92% of the circulating supply. BitMine is now the only large corporate crypto buyer still purchasing at scale, after Strategy ended a 13-week Bitcoin buying streak.
The tentative recovery comes against a backdrop of weakening institutional flows. U.S. spot Bitcoin ETFs recorded $225 million in net outflows on Friday, with BlackRock’s IBIT alone losing $201.5 million.
The outflows followed a hawkish FOMC meeting on March 18, where the Fed held rates steady but raised its 2026 inflation forecast to 2.7%. Rising oil prices have further dampened expectations for rate cuts. CME FedWatch data shows a 97.4% probability that the Fed leaves rates unchanged at its next meeting.
Big Movers
The Top 100 digital assets were mixed over the last 24 hours.
MemeCore (M) and Zcash (ZEC) outperformed, rallying 7% and 5%, respectively.
SIREN and RAIN are today’s biggest losers, down around 7%.
Around 101,000 leveraged traders were liquidated for $431 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $174 million, while ETH made up $136 million.
The U.S. Department of Labor has proposed a rule that would make it easier for 401(k) plans to include alternative assets such as cryptocurrencies, private equity and real estate.
The proposal is in response to President Donald Trump’s executive order, released in August, which directed the Labor Department and the Securities and Exchange Commission to facilitate expanded access to alternative assets in 401(k)s.
“This proposed rule will show how plans can consider products that better reflect the investment landscape as it exists today,” Labor Secretary Lori Chavez-DeRemer said in a statement.
If adopted, the rule would mark a shift in how retirement plans are built. For years, most 401(k)s have focused on stocks and bonds. The new approach would allow plan providers to add a broader mix of assets, including digital tokens and private-market funds that are not traded on public exchanges.
The move builds on earlier changes. Last May, the Labor Department rescinded prior guidance that urged fiduciaries to exercise “extreme care” before adding crypto to retirement plans. Trump’s executive order went further, calling for digital assets to be treated on par with other investment options.
Still, the proposal has drawn criticism from some lawmakers and financial advisors.
“As cracks emerge in the private credit market, private equity returns fall to 16-year lows, and crypto keeps tumbling, President Trump has decided now is the time to stick all of these risky assets into Americans’ 401(k)s,” Senator Elizabeth Warren said in a statement. She warned the rule could expose workers to losses while benefiting large financial firms.
The stakes for crypto could be large. U.S. 401(k) plans hold trillions of dollars in retirement savings, and even a small shift into digital assets could send new capital into the market. If a large plan with tens of thousands of workers were to allocate just 1% of its portfolio to bitcoin, that would translate into millions of dollars flowing into crypto funds or tokens.
In this episode, Mark Walker interviews Oscar Orellana-Hyder, co-founder of Cordell Partners, to explore the evolving landscape of Fintech talent, investment trends, and family offices in the UAE. Oscar shares insights from his decade-long experience in regional financial markets, highlighting opportunities, challenges, and future outlooks.
The UAE is experiencing a significant influx of international investment managers and family offices, driven by a maturing regulatory environment and a generational shift in asset preferences. Oscar Orellana-hyder, co-founder of Cordell Partners, explained that the region has seen a 20% increase in new entrants over the last year, with approximately 150 to 170 new investment managers setting up in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM).
This wave of capital is arriving from Asia, Europe, and North America, with a particularly strong appetite for private credit, hedge funds, and virtual assets. Orellana-hyder noted that family offices now represent 30% of his firm’s workload, reflecting a desire among local and global families to institutionalise their holdings within regulated frameworks.
Regulatory Evolution and Talent Scarcity
The rapid expansion of the ecosystem is accompanied by heightened oversight, particularly regarding digital assets. Orellana-hyder highlighted that virtual asset funds and crypto firms are increasingly overseen by the Financial Action Task Force (FATF), necessitating robust compliance and risk frameworks. While the Virtual Assets Regulatory Authority (VARA) has established a dedicated regime, the nascent nature of the sector creates unique human capital challenges.
Finding experienced professionals who can navigate these new regulations remains difficult. Orellana-hyder suggested that while the local talent pool in the UAE is growing, it remains shallow compared to more established financial hubs.
“Exhaust the talent that’s on the ground first,” Orellana-hyder said, adding that hiring locally helps mitigate the flight risk associated with international searches. He explained that while global markets like the UK or Asia offer depth of expertise, they often lack the essential local knowledge required to operate effectively within the UAE’s specific cultural and regulatory landscape.
The Generational Shift in Family Offices
A primary driver of this institutionalisation is a clear generational shift within Middle Eastern family businesses. Younger generations are moving away from traditional, insular investment styles in favour of more diverse and complex asset classes.
“The younger generation wants exposure or has an appetite for virtual assets, hedge funds, private credit, and different asset classes,” Orellana-hyder explained. This shift necessitates a move into regulated entities like the ADGM or DIFC to facilitate joint ventures and co-investments.
This evolution is also changing the way families interact with the broader fintech and investment community. Rather than simply investing in tokens, there is a growing trend toward backing the underlying “plumbing” of the digital economy. Orellana-hyder pointed to the rise of gaming and virtual asset infrastructure as a key area where investors are seeking long-term value within the UAE’s expanding digital ecosystem.
The U.S. Department of Labor has unveiled a sweeping proposed rule that could significantly expand the range of investment options available in 401(k) retirement plans, marking a potential turning point for alternative assets — including crypto — within tax-advantaged retirement accounts.
Released Monday by the department’s Employee Benefits Security Administration, the proposal aims to reduce regulatory uncertainty and litigation risk for fiduciaries considering alternative investments.
The move follows an executive order from Donald Trump directing agencies to “democratize access” to non-traditional assets in retirement portfolios.
At its core, the rule reinforces that fiduciary responsibility under the Employee Retirement Income Security Act is grounded in process rather than outcomes.
Plan managers would retain broad discretion to include a wide array of investment options — provided they follow a prudent, well-documented evaluation process assessing factors such as fees, liquidity, valuation, and performance benchmarks.
Labor Secretary Lori Chavez-DeRemer said the proposal is designed to align retirement investing with modern financial markets. “This greater diversity will drive innovation and result in a major win for American workers, retirees, and their families,” she said.
Bitcoin gets exposure
The guidance could open the door for increased exposure to digital assets like Bitcoin within 401(k) plans — a development long sought by segments of the crypto industry. While plan sponsors have technically always been permitted to consider such assets, regulatory ambiguity and prior guidance had a chilling effect.
In 2022, the Biden administration issued a compliance release cautioning fiduciaries against offering cryptocurrency in retirement plans, citing volatility and investor protection concerns.
That stance is now being reversed, with Deputy Labor Secretary Keith Sonderling emphasizing neutrality. “The department’s days of picking winners and losers are over,” he said.
The proposal does not explicitly endorse crypto or any specific asset class. Instead, it establishes “safe harbor” frameworks designed to protect fiduciaries who undertake thorough due diligence when adding alternative investments to plan menus.
This process-based approach could make it easier for asset managers to introduce diversified funds that include exposure to private equity, real estate, or digital assets or Bitcoin.
Assets like Bitcoin could enhance long-term returns and provide a hedge against inflation, particularly for younger savers with longer time horizons.
The U.S. Securities and Exchange Commission and the U.S. Department of the Treasury both collaborated on the rulemaking, signaling a broader interagency effort to modernize retirement investing.
Square, the payments platform of Block, has begun rolling out Bitcoin payments at its point-of-sale terminals for eligible US sellers, with the automatic feature going live today as part of a phased rollout over the coming month.
The announcement was shared Monday in a post on X by Miles Suter, Bitcoin product lead at Block, and reposted by CEO and longtime Bitcoiner Jack Dorsey.
Suter said the feature is designed to make it easier for “millions of businesses” to accept Bitcoin, adding that eligible US sellers will have payments automatically enabled and will receive US dollars by default when customers pay in Bitcoin (BTC). Merchants will also have the option to automatically “stack” Bitcoin from daily sales.
He described the move as a step toward using “Bitcoin as everyday money.” Bitcoin payment acceptance is expected to be available to all Square merchants by Nov. 10.
Source: Miles Suter
In a separate post, Square said transactions will convert instantly to cash at checkout, require no additional setup, and offer near-instant settlement. The company added that merchants do not need to hold Bitcoin and that the feature will carry zero processing fees through 2026.
According to Square’s website, the feature is currently available to US sellers that meet verification requirements, excluding businesses based in New York.
The rollout, which could lower barriers to Bitcoin payments by removing volatility and custody risk for millions of merchants, was first outlined by Block in May.
According to BitcoinTreasuries.net data, Block ranks as the 14th-largest publicly traded holder of Bitcoin, with 8,883 BTC on its balance sheet at an average cost of $32,939 per coin.
Source: BitcoinTreasuries.NET
Related: Strategy pushes pause button on Bitcoin purchases, stock sales
Bitcoin-backed lending grows across crypto and traditional finance
Beyond payments and its role as a store of value, Bitcoin is increasingly being used in lending and broader financial infrastructure.
In January, Nexo launched a zero-interest lending product allowing Bitcoin and Ether (ETH) holders to borrow against their assets through fixed-term loans with predefined repayment conditions.
The offering builds on a structured model previously limited to its private and OTC channels, which facilitated more than $140 million in borrowing in 2025, according to the company.
The same month, Coinbase reintroduced Bitcoin-backed loans in the United States, enabling users to borrow up to $100,000 in USDC against BTC held on the platform, and in February, Kraken followed with fixed-rate crypto loans for Pro users, offering borrowing against digital assets at rates of 10%–25% APR for terms of up to two years.
Traditional finance is also beginning to incorporate Bitcoin and crypto-backed credit. US mortgage lender Rate recently launched a program allowing borrowers to use verified cryptocurrency holdings to meet mortgage underwriting requirements without liquidating their assets.
Last week, Coinbase and Better Home & Finance introduced a structure that lets borrowers pledge crypto as collateral for loans used to fund down payments on Fannie Mae–compliant mortgages.
Magazine: Nobody knows if quantum secure cryptography will even work
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Nearly half of all bitcoin BTC$66,704.53 in circulation is now worth less than it was bought for, according to data from the Bitcoin Impact Index, which jumped sharply last week as stress returned across all segments of the market.
The index, which measures financial stress for bitcoin user cohorts based on onchain behavior, ETF and derivatives activity and liquidity flows, surged 13 points to 57.4 during the week ended March 28, its steepest climb since January, CEX.IO noted in a recent report.
That level, from a range of up to 100, lands it squarely in what’s seen as the “high impact” zone that historically signals the kinds of broad selloffs that led to double-digit price drops in 2018, 2022 and earlier this year.
Long-term holders, wallets that have held BTC for more than six months, were selling at a profit just a week ago, when the cryptocurrency was trading above $70,000. Now, over 4.6 million BTC from these wallets, or roughly 30% of their total holdings, are underwater, the report notes. Their realized losses last week were the worst since 2023.
“This kind of divergence between price action and on-chain conviction has historically been a warning sign,” the firm wrote. “For instance, similar moves occurred in mid-2018 and mid-2022 before price drops by over 25%.”
Short-term holders aren’t faring any better. The report found that 47% of the total bitcoin supply is currently held at a loss, levels not seen since the market’s most stressed stretch in February.
At the same time, capital flows that had supported the market earlier this month have pulled back. Daily stablecoin net flows, which had averaged inflows of $250 million, flipped to outflows of $292 million. ETFs and miners also moved from accumulation to selling, the firm wrote.
So far, one key support remains intact: Onchain data shows holders are not rushing to deposit BTC on exchanges en masse, a behavior often seen in full capitulations.
By most measures, we are in the middle of a historic crypto winter. Prices have been low. Sentiment has been even lower. If you’re looking for the kind of market euphoria that typically makes conference season feel electric, you won’t find it in the charts right now.
And yet I have never been more excited about a Consensus event.
I have run Consensus since 2021, long enough to know the difference between manufactured hype and a genuine inflection point. This is a genuine inflection point.
The price narrative has been noisy, but the infrastructure narrative has been quietly extraordinary. The headlines on CoinDesk have been writing themselves — real financial integrations, not pilots or promises:
A year ago, this would have seemed like wishful thinking. Most of us haven’t fully absorbed what the headlines are adding up to.
Consensus 2026 in Miami, May 5 through 7, is where it comes together.
Three forces, one room
For years, Consensus has been the place where the crypto industry takes stock of itself. That remains true. But something larger is happening this year. Three forces that have been developing in parallel — in different boardrooms, research labs, and trading floors — are converging at full steam.
The first is crypto at scale. Digital assets are no longer emerging. They have arrived. The founders, protocols, and policymakers defining how this infrastructure works will be in Miami, including representatives from Solana, Base, Tether, and XRP.
The second is institutional integration. The wall between traditional finance and digital assets is coming down — not metaphorically, but structurally. Goldman Sachs, BlackRock, JPMorgan Chase, Morgan Stanley, Fidelity, Citigroup, Nasdaq, Swift, and the New York Stock Exchange are not names we included to make a point. They are attending. They are speaking and sponsoring. They have chosen Consensus as the place to put their stake in the ground.
The third is agentic commerce — and this is the wildcard I believe will define the decade. AI agents are becoming participants in global markets. Not users of markets. Participants. They are executing trades, managing portfolios, and building new economic models in real time. At Consensus this year, we are not simply programming panels about this. We are building a dedicated three-day track, Agentic University, so that attendees can go from curious to capable. This is too consequential to watch from the sidelines.
What struck me as we built this year’s program is how naturally these forces fit together. Blockchain gives AI agents payment rails and proof-of-identity infrastructure. Institutional capital needs onchain rails to move at the scale and speed it needs to move. Stablecoins are the connective tissue between it all. These are no longer parallel conversations —they are the same conversation.
The room where it happens
One of my jobs is to look at the speaker and attendee list and ask a hard question: Is this the room where things actually get decided?
This year, the answer is unambiguous. Paul Atkins, Chairman of the SEC, is speaking. So is the Chairman of the CFTC. The Executive Director of the President’s Council of Advisors on Digital Assets is on the agenda, alongside the head of Wealth Management at Morgan Stanley and the President of Nasdaq. The event has major sponsorships from Stripe, Circle, JPMorgan, Anchorage, Fidelity, and Swift. Solana Accelerate will run onsite.
These are not observers. They are apex operators.
Why Miami, why now
There is also something I cannot fully quantify but will not pretend is not real. Miami has built a financial and technology culture that takes this industry seriously, attracts serious talent, and makes showing up feel exciting. When the sessions end, the conversations continue. Some of the most consequential relationships in this industry have been built at the margins of events like this one.
But underneath that, something more durable is at work. Consensus has spent years earning the right to host this moment. The CoinDesk newsroom does serious journalism. We break news. We move markets. We have the best production team in the events business. We have the highest-signal audience of any finance event. And we have curated a speaker lineup that actually reflects where power is moving, not just where it has been.
For the first time, the industry’s maturation, institutional arrival, and regulatory shift are happening simultaneously. A decade of investment is paying off at exactly the right moment.
Eritrea is a nation that has its own economic development challenges, yet, opportunities. The following showcases its nascent fintech and wider digital economic development landscape in the 2026 context.
In a continent where mobile money has transformed financial inclusion across dozens of markets, Eritrea stands apart. Its financial system remains highly centralised, its digital infrastructure underdeveloped and its fintech ecosystem largely reflective of that. Yet even in this constrained environment, early signals of change are beginning to emerge.
In 2026, Eritrea’s fintech landscape is less about scale and more about possibility. The country may not yet have a fully functioning fintech ecosystem. Nonetheless, the structural conditions that could eventually support one are slowly taking shape.
Financial Inclusion Challenges and Structural Barriers
Asmara, capital of Eritrea, shot from the top of the tower of the Catholic Cathedral IMAGE SOURCE GETTY
Eritrea faces one of the most significant financial inclusion gaps in Africa.
Estimates suggest that more than 70 per cent of Eritreans remain unbanked, reflecting limited access to formal financial services across the country.
The structure of the banking sector is a key factor. Eritrea operates a highly centralised financial system with only a small number of state-owned banks, including the Commercial Bank of Eritrea, which provides the majority of retail banking services.
In practice, this has resulted in limited competition, minimal innovation and a financial system that still relies heavily on manual processes.
Digital banking services such as online banking, ATMs and mobile financial applications remain largely absent. As a result, cash continues to dominate economic activity, and access to financial services remains constrained for both individuals and businesses.
These structural barriers have slowed the development of fintech. Yet they also highlight the potential role that digital financial services could play in expanding access to finance, particularly in underserved communities.
Digital Infrastructure and Emerging Payment Trends
Fintech development in Eritrea is closely tied to the country’s digital infrastructure.
Mobile penetration as compared to its population in 2022 was shy of 60 per cent, according to the World Bank. Whist seeing an improvement from the previous year, it is still low as compared to 209 countries it was ranked 191st on that list.
Despite these limitations, mobile technology is beginning to play a more prominent role in the financial system.
Digital payments and e-commerce activity remain at an early stage, with total online commerce volumes estimated at under $10million annually, reflecting the nascent nature of the digital economy.
However, growth trends are notable. Digital payments and e-commerce transactions are expanding at an estimated 15–20 per cent annually, driven largely by mobile usage and gradual increases in digital engagement; this is all according to Pay Atlas.
Mobile wallets in particular with those linked to the state-owned telecom operator EriTel, are emerging as the primary entry point into digital financial services. These platforms are still limited in functionality, but they represent an important step toward building digital payment infrastructure.
For fintech, this signals a familiar pattern. Across Africa, mobile connectivity has often served as the foundation upon which digital financial services are built. Eritrea may be at an earlier stage of this process, but the trajectory is increasingly recognisable.
Digital Economic Transformation and Policy Direction
Eritrea’s fintech potential is also shaped by its broader economic development strategy.
The government’s long-term framework, Eritrea Vision 2030, emphasises infrastructure development, institutional capacity and inclusive economic growth. Its focus on infrastructure and development has indirect implications for digital finance.
Expanding telecommunications networks, improving energy infrastructure and strengthening institutional frameworks are all prerequisites for fintech growth.
At the same time, regional dynamics are also relevant.
Across the Horn of Africa, digital financial services, specifically with mobile money, have been identified as a key driver of financial inclusion and economic participation. Studies suggest that digital payments can play a significant role in closing financial inclusion gaps and supporting economic development across the region, according to the World Bank.
For Eritrea, aligning with these regional trends could be an important step toward developing its own digital financial ecosystem.
Fintech Ecosystem in Eritrea
Eritrea’s fintech ecosystem remains extremely small. Industry estimates suggest that the country currently hosts fewer than 5 fintech or digital financial service providers, most of which are linked to telecommunications services or state-supported initiatives.
There is no significant presence of independent fintech startups, venture capital investment or advanced financial technologies such as digital lending, insurtech or embedded finance.
As a whole, Eritrea’s financial sector is underdeveloped and operates under a centralised banking system dominated by state-owned institutions, with the Bank of Eritrea acting as the central authority for all banking and financial operations.
Looking at fintech subsectors, as of 2024, open banking has not been implemented in Eritrea, and there are no indications of active efforts to introduce it in the coming years. The country’s financial systems remain outdated, with heavy reliance on manual operations. In fact, there are lack of data frameworks nor ability to share APIs – in other words the data infrastructure is also not ready.
Despite this, there could be opportunities, which include in the following: mobile money and digital payments, remittance services driven by diaspora inflows, SME financing and micro-lending and basic digital banking services.
Remittances, in particular, represent a potential catalyst for fintech development. Due to its economic conditions many Eritreans work abroad. As seen in other emerging markets, remittance platforms can serve as an entry point into broader financial services ecosystems.
At the same time, demographic trends may also support future growth. Eritrea has a relatively young population, which is typically more receptive to digital technologies and mobile-based services.
The Future in Eritrea
Eritrea’s fintech ecosystem in 2026 is defined less by what it is and more by what it could become. Unlike many other African markets, the country has yet to experience a mobile money revolution or a surge in fintech startups. Its financial system remains centralised, and digital infrastructure continues to evolve gradually.
Yet the broader ingredients for change are beginning to appear.
Despite its challenges, Eritrea has potential to further grow and, like the rest of Africa, fintech has the opportunity to help it do so.
Richie is a global economic development advisor and Managing Partner of Santos-Diaz LLC, specializing in international trade and foreign direct investment across the UK, Middle East, and North America. With over 15 years of experience and a Masters from SOAS University of London, he has advised high-level governments and multinational corporates while contributing to major outlets like Forbes and the World Economic Forum. Currently based in Dubai, he leverages his background in emerging markets and RegTech to bridge the gap between global policy and private sector growth.
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Executive Economic Development Advisor (Emerging Markets) | Contributor
Crypto-linked equities are nearing a bottom heading into first-quarter earnings, according to Wall Street broker Bernstein, which said the sector’s roughly 60% drawdown from 2025 highs has created “big businesses at big discounts.”
“The combination of geopolitics and temporary crypto weak sentiment is offering big discounts on crypto stocks,” analysts led by Gautam Chhugani said in the Monday report.
The broker expects near-term weakness to persist through Q1 results but views current levels as an entry point into companies with exposure to large and growing markets, including stablecoins, tokenization, prediction markets and derivatives.
Since peaking in October 2025, crypto markets have undergone a sharp and sustained correction, with bitcoin falling roughly 40%–50% from record highs near $126,000 and the broader digital asset market value declining by about $2 trillion.
The selloff, driven by a mix of macro pressures, regulatory uncertainty and unwinding leverage, has erased much of the prior bull run’s gains and weighed heavily on crypto-linked equities, pushing sentiment into a more cautious phase heading into 2026.
Against that backdrop, the analysts revised their price targets while maintaining an upbeat longer-term outlook. The broker maintained outperform ratings on Coinbase (COIN), Robinhood (HOOD) and Figure (FIGR).
It lowered its Coinbase price target to $330 from $440, Robinhood’s target to $130 from $160, and Figure’s target to $67 from $72. Coinbase was trading around $165.50 at publication time, Robinhood at $67.10, and Figure at $31.14.
The analysts said a combination of macro uncertainty and weak crypto sentiment has weighed on valuations, but expects a turn as earnings clarify fundamentals and sentiment stabilizes into the rest of the year.
The call comes as the broker said last week that bitcoin has likely found its bottom and is primed for further gains, and reiterated its $150,000 year-end price target.
