QCP Asia analysis: Coinbase stock price surges, regulatory benefits drive institutional entry According to QCP Asia analysis, although Israel resumed limited strikes in the hours following the ceasefire agreement, market sentiment shifted towards a comprehensive risk appetite. The Nasdaq has reached a new high, and the S&P 500 is approaching its historical peak. Coinbase (COIN) rose 12% to close at a six-month high of 344.94, mainly due to two regulatory benefits: first, the US passed the GENIUS Act, clarifying the stablecoin compliance framework; Secondly, Coinbase has been approved by the regulatory authorities in Luxembourg, becoming the first US exchange authorized by MiCA. In this context, institutions continue to increase their holdings of Bitcoin, with ProCap Fund purchasing $386 million worth of BTC, and the total amount of enterprise holdings has reached 3.45 million coins.