Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Despite the exchange's Q1 earnings underperforming expectations, Coinbase made history by joining the S&P 500

Welcome to US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee as we delve into what the day holds for Coinbase, the largest US-based exchange based on trading volume metrics. Despite the exchange’s Q1 earnings failing to meet expectations, Coinbase achieved a historical milestone by joining the S&P 500, and further developments are on the horizon later today.

Crypto News of the Day: Coinbase’s COIN Stock To Open on the NYSE After Joining S&P 500

As BeInCrypto reported, Coinbase Exchange has ascended to the S&P 500, marking a significant event in the cryptocurrency domain. Coinbase Global Inc. (NASDAQ:COIN) is set to replace Discover Financial Services (NYSE:DFS) in the S&P 500, beginning with today’s market opening on Monday, May 15.

The report on Friday, May 12, sent Coinbase stock, COIN, up nearly 10%, and now the crypto equity has another bullish fundamental.

COIN will open on the New York Stock Exchange (NYSE) at 9:30 AM ET today, May 13, fresh off its inclusion in the S&P 500. Following the debut, the COIN price is up by over 16% and is trading for $241.23 as of this writing.

The NYSE is one of the world’s largest stock exchanges, offering a marketplace for trading stocks, bonds, and other securities. Notably, the NYSE has strict listing requirements, meaning COIN stock trading there signals Coinbase Global Inc.’s stability and could attract more institutional investors.

Being in the S&P 500 and the NYSE means index funds and ETFs tracking the index will buy COIN shares, increasing demand and potentially boosting the stock price.

The Bitwise data highlights that $5.3 trillion from institutional investors and $1.6 trillion from ETFs will contribute to the $15 billion in estimated Coinbase purchases. This reflects the growing mainstream acceptance of crypto-related companies in traditional finance (TradFi).

As BeInCrypto covered previously, ETFs (exchange-traded funds) are continuing to expand, granting greater access to crypto for institutional investors.

Chart of the Day

The price of Bitcoin (BTC) dropped below $26,000 after the U.S. Bureau of Labor Statistics (BLS) released its latest Consumer Price Index (CPI) data on Tuesday, May 19.

The BLS reported that the CPI slowed at an annual rate of 2.3% in April, in line with economists' expectations. On a monthly basis, the CPI rose by 0.4%, following a 0.1% decrease in March.

Following the CPI report, major Wall Street firms pushed back their forecasts for the Federal Reserve’s next interest‐rate cut.

Taken together, these revised outlooks reflect growing confidence that the economy can withstand current policy settings longer than previously thought.

Byte-Sized AlphaHere’s a summary of more US crypto news to follow today:

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