US cryptocurrency stocks are in the spotlight today following the historic Senate passage on Tuesday. This is the GENIUS Act, the first federal bill establishing a regulatory framework for stablecoins.
In light of this development, key stocks to watch include Coinbase's COIN and Circle's CRCL. Galaxy Digital's GLXY is attracting attention due to recent ecosystem updates.
Coinbase Global (COIN)
COIN's price has risen over 15% following the Senate's historic passage of the GENIUS Act. This creates the first federal regulatory framework for stablecoins.
Yesterday, the exchange announced the launch of Coinbase Payments. This is a new stablecoin trading network that enables USDC payments on major commerce platforms like Shopify and eBay.
These developments have led to a surge in COIN's price today. The stock has risen 16% in the past 24 hours, reflecting positive investor sentiment.
The rising Chaikin Money Flow (CMF) on the daily chart confirms an increase in buy orders. Currently, this momentum indicator is above the zero line at 0.04.
The CMF indicator measures the flow of funds into an asset. A value above 0 indicates that buying pressure is prevalent among traders. If this trend continues, COIN's price could exceed $305.42.
However, if demand decreases, the stock's price could fall to $270.61.
Circle Internet Group (CRCL)
Circle's stock has surged since its IPO on June 5. On Tuesday, CRCLE jumped 33% in response to the Senate's passage of the GENIUS Act. It is currently trading at $199.59, more than 5 times its $31 IPO price.
The Accumulation/Distribution (A/D) line on the daily chart is at 24 million and has risen over 250% in the past day.
The A/D line measures the flow of funds into an asset by combining price and volume data. A rising A/D line suggests that buying pressure exceeds selling pressure, indicating a potential price increase.
If this trend continues, CRCL could break through its all-time high of $200.90 and continue its upward momentum.
Conversely, if buying pressure decreases, the stock's value could fall to $168.59.
Galaxy Digital (GLXY)
Galaxy's GK8 is collaborating with Polymesh to provide institutional-grade custody and secure staking for POLYX. This enables compliant, high-security staking through an impenetrable vault.
This move particularly strengthens institutional access to regulated digital assets in South Korea, where POLYX is growing rapidly.
This has bolstered GLXY's performance, recording a 4% price increase over the past day. The stock's Relative Strength Index (RSI) is currently rising and ready to break through the neutral line, emphasizing demand for GLXY.
The RSI indicator measures an asset's overbought and oversold market conditions. It ranges from 0 to 100. Values above 70 indicate an asset is overbought and a price decline is expected, while values below 30 suggest the asset is oversold and may rebound.
GLXY's RSI, increasing from 48.53, indicates emerging buy momentum. This suggests additional price increases if bullish sentiment continues to strengthen. In this case, the stock's price could break through the $19.57 resistance and rise to $21.30.
Conversely, if demand decreases, the stock's value could fall to $17.40.
