Coinbase Global Inc. will join the S&P 500 index, replacing Discover Financial Services, effective before the market opens on Monday, May 19. S&P Dow Jones Indices announced the change late Monday.
The move follows Capital One Financial’s acquisition of Discover Financial, a deal expected to close soon pending final conditions.
Coinbase Stock Surges After S&P 500 Inclusion
Coinbase becomes the first cryptocurrency-focused company to be included in the S&P 500. Following the announcement, Coinbase shares rose more than 7% in after-hours trading.
Despite the milestone, Coinbase’s latest earnings report showed mixed results. In Q1 2025, the company missed revenue expectations by $200 million.
However, platform engagement remains strong. USDC balances on Coinbase increased by 49% quarter-over-quarter, signaling resilience among its user base despite financial headwinds.
Coinbase’s addition to the S&P 500 marks a significant moment for the cryptocurrency industry’s growing integration into traditional finance.
Cardano (ADA) has recently shown a modest recovery, riding the wave of broader market bullishness, which has brought its price back above $0.70.
This uptick has sparked renewed optimism among investors, and if the bullish momentum continues, Cardano could see a breakout above $0.80, potentially marking a significant shift in its price trajectory.
Cardano Could End Its Bearishness
Cardano’s technical indicators have recently shown signs of a potential turnaround, especially after a Death Cross formation. Sixteen days ago, the 200-day Exponential Moving Average (EMA) crossed below the 50-day EMA, signaling a bearish trend. This is known as a Death Cross, often seen as a negative signal in technical analysis.
However, the recent recovery above $0.70 and sustained bullish momentum could see ADA rise above $0.80. Should this reversal happen before April begins, it would mark the shortest Death Cross in Cardano’s history. It would be a sharp contrast to the previous 56-day span from March to May 2020.
On the macro level, Cardano’s bullish momentum is supported by a variety of technical indicators, especially the Relative Strength Index (RSI). Currently above the neutral line at 50.0, the RSI is at a 7-week high, signaling growing investor confidence and increasing buying pressure. The RSI’s upward momentum highlights the market’s positive outlook on ADA, suggesting that Cardano is gaining traction after a period of relative stagnation.
With a strong RSI reading, ADA appears to be benefiting from a resurgence of investor interest, which may help sustain the altcoin’s price gains in the short term. If the bullish momentum continues, Cardano could potentially see significant price increases, pushing it toward new resistance levels and offering an opportunity for profitable trades.
Cardano’s price is currently trading at $0.70, marking a 13% increase in the last 24 hours. If this bullish trend continues, ADA will likely encounter resistance around $0.77. Historically, the $0.70 to $0.77 range has been a consolidation zone. A successful breach of $0.77 would signal a further move towards $0.85.
A breach of $0.77 would reinforce Cardano’s upward momentum, potentially driving its price even higher. Furthermore, a breakout above $0.80 would suggest that Cardano is ready to resume its longer-term bullish trend.
However, the bullish outlook will be invalidated if Cardano fails to maintain its current price levels. If ADA falls back below $0.70 and slips to $0.63, it could erase the recent gains and lead to further declines. In this case, the positive momentum would be considered short-lived, and the bearish trend could be reinforced.
Cardano (ADA) shows renewed strength, up more than 10% in the last 24 hours. Its market cap is now at $26.5 billion. Trading volume has surged 50% over the same period, reaching over $900 million, signaling rising interest and activity.
As ADA forms an early-stage uptrend, technical indicators like ADX and EMA suggest growing momentum and the potential for a bullish breakout. However, a six-day decline in whale wallets raises caution, highlighting a possible divergence between price action and large-holder behavior.
Cardano ADX Rises: Is a Stronger Move Coming?
Cardano’s ADX (Average Directional Index) has climbed to 18.08, up from 14.88 a day earlier, signaling growing trend strength.
This shift comes as ADA starts forming an early-stage uptrend, with higher lows beginning to appear on the chart. While the price hasn’t broken out decisively yet, the rising ADX suggests that underlying momentum is building.
Traders often monitor these early ADX increases as potential signals of a larger move ahead, especially when paired with bullish structure.
The ADX is a widely used technical indicator that measures the strength, but not the direction, of a trend. Readings below 20 typically indicate a weak or ranging market, while values between 20 and 25 signal that a trend is forming.
A move above 25 confirms a strong, active trend. With ADA’s ADX now at 18.08 and steadily rising, the indicator is approaching the critical threshold that could validate a strengthening uptrend.
If the ADX crosses above 20 and price continues to climb, it could attract more bullish momentum and increase the chances of a sustained rally.
ADA Whale Wallets Drop for Sixth Day—Caution Ahead?
Despite Cardano forming an early-stage uptrend, the number of ADA whale wallets holding between 1 million and 10 million ADA has been quietly declining.
There are 2,426 such addresses, down from 2,438 just six days ago. This marks a six-day consecutive drop, following a recent peak that represented the highest whale count since mid-March.
While the price shows signs of strength, the quiet exit or redistribution among large holders could raise caution for short-term momentum.
Tracking whale wallets is crucial because large holders can significantly influence price direction through accumulation or distribution behaviors. When these addresses grow in number, it often signals confidence in the asset and a potential for sustained rallies.
Addresses Holding Between 1 Million and 10 Million ADA. Source: Santiment.
Conversely, a consistent drop in whale activity—especially during a forming uptrend—may suggest profit-taking, reduced conviction, or capital rotation into other assets.
At current levels, the ongoing decline in ADA whales may be an early warning sign that not all large investors are backing this rally. If the trend continues, it could limit Cardano’s upside potential, or at least slow down the pace of gains.
Traders should watch closely whether this divergence between price action and whale behavior widens or begins to realign.
Cardano Eyes Golden Cross as Price Approaches Key Resistance
Cardano’s EMA lines are tightening, suggesting a golden cross could form soon—a bullish signal that occurs when the short-term EMA crosses above the long-term EMA.
If confirmed, and if Cardano price breaks above the $0.73 level, it could open the door to test the next resistances at $0.746 and $0.774.
A sustained breakout would put $0.80 in play, a level not seen since March 8, potentially reigniting broader bullish momentum for ADA in the short term.
Bitcoin (BTC) is hovering below the $94,000 level while still showing sensitivity to US economic indicators. Accordingly, this week’s US economic data could spark volatility in the crypto market.
From consumer confidence to labor market strength, economic indicators could influence sentiment and sway crypto prices.
US Economic Data To Watch This Week
The following US economic indicators could affect the portfolios of crypto market traders and investors.
“Let me try to help you make sense of everything that’s going on: Tariff madness, plunging consumer confidence, rising recession odds, market fragility and all the ways that the economy will shape your life,” economist Justin Wolfers remarked.
Consumer Confidence
The Consumer Confidence report will start the list of US economic indicators with crypto implications this week. On Tuesday, April’s Conference Board’s Consumer Confidence Index will show whether households are optimistic about financial conditions.
March’s 92.9 index signaled a relatively pessimistic outlook among US consumers concerning the economy and their financial situation.
According to data on MarketWatch, the median forecast is 87.4. Strong confidence often correlates with risk-on sentiment, driving investment into Bitcoin and altcoins.
Accordingly, reading below expectations might trigger profit-taking, denting confidence in the economy’s overall strength.
With global trade tensions, an unexpected decline could amplify safe-haven demand for Bitcoin, though volatility remains a risk.
“The soft data suggests that the hard data is set to fall. Consumer Confidence can lead the unemployment rate (inverted). If that ends up being the case this time around, we’re looking at around 6% or higher,” wrote Markets and Mayhem.
JOLTS Job Openings
This week, the Job Openings and Labor Turnover Survey (JOLT), which tracks demand, adds to the list of US economic indicators.
The last JOLTS report was released on April 1, covering February 2025 data. It reported job openings at 7.6 million, hires at 5.4 million, and total separations at 5.3 million. The next JOLTS report, for March 2025, is due on Tuesday, with a median forecast of 7.4 million.
A rebound above 7.6 million for crypto could signal economic resilience, boosting risk assets like Bitcoin. Strong openings suggest hiring confidence, potentially increasing disposable income for crypto investments.
However, a weaker-than-expected figure, potentially below the median forecast of 7.4 million, might stoke recession fears. Such an outcome would drive investors toward Bitcoin as a hedge.
Crypto markets react to labor market signals as they influence Federal Reserve (Fed) policy expectations. With rates at 4.25%–4.5%, a tight labor market could delay cuts, pressuring speculative assets.
ADP Employment
The ADP National Employment Report tracks private-sector job growth and will be out on Wednesday. March 2025’s 155,000 jobs beat expectations, signaling labor market strength despite tariff concerns.
A strong reading above 160,000 for crypto could ignite bullish sentiment, as job growth fuels consumer spending and risk appetite. If employment data suggests economic expansion, Bitcoin could gain more upside potential.
However, a miss below the March reading of 155,000 or below the median forecast of 110,000 might spark fears of a slowdown. This could push investors toward stablecoins or Bitcoin as safe havens.
Unlike the Bureau of Labor Statistics’ Non-farm Payrolls (NFP), ADP’s payroll-based methodology excludes government jobs. This methodology offers a granular view.
With markets eyeing Fed policy, ADP’s outcome will set the tone for Friday’s NFP.
Q1 GDP
The advance estimate for Q1 2025 GDP will be released on Wednesday. This data also measures economic growth.
Q3 2024’s 2.8% annualized rate fell short of expectations, pressured by trade deficits. Meanwhile, Q4 2024’s 2.4% reading came following a downward revision to imports.
Strong GDP growth above 3% in crypto signals economic health, often boosting Bitcoin as investors embrace risk. Nevertheless, crypto markets are sensitive to GDP revisions and influence Fed rate decisions.
With inflation concerns lingering, a strong GDP, higher than Q4’s 2.4%, might reduce rate-cut hopes, pressuring speculative cryptos. Conversely, sluggish growth could spur expectations of monetary easing.
PCE
The Fed’s preferred inflation gauge is the Core PCE (Personal Consumption Expenditures) Price Index. This US economic indicator, covering March, will come out on Wednesday this week after the March 28 data covering February.
After February 2025 saw a 2.5% year-over-year (YoY) PCE index, economists anticipate a modest drop to 2.2% for March, reflecting persistent price pressures.
Nevertheless, a PCE reading below 2.5% for Bitcoin could signal cooling inflation, raising hopes for rate cuts and boosting sentiment toward Bitcoin.
A hotter-than-expected figure above the previous reading of 2.5% might tighten Fed policy expectations. PCE’s exclusion of volatile food and energy prices offers a stable inflation view, making it a key driver of crypto sentiment.
With markets sensitive to monetary policy shifts, traders should monitor services spending, as it reflects consumer resilience. Nevertheless, volatility is likely, as PCE shapes the Fed’s rhetoric.
“March PCE inflation (out on Wed Apr 30) should read 2.1% (rounded). April PCE (out in late May) should read 2.0% (rounded). Tariffs are a boss but this is the Fed’s target measure. It could be time to cut, to be honest, politics aside,” wrote hedge fund manager Ophir Gottlieb.
Initial Jobless Claims
This week, the Initial Jobless Claims, reported every Thursday, adds to the list of US economic indicators. This data measures weekly unemployment filings. Claims are a high-frequency indicator, offering real-time labor market insights, and crypto markets often react swiftly to surprises.
For the week ending April 18, 222,000 claims indicated a steady labor market despite tariff chaos. Accordingly, claims below 222,000 could signal growing employment, fostering risk-on sentiment, and lifting Bitcoin.
However, higher claims above 222,000 could spark concerns of economic softening, driving investors to stablecoins or Bitcoin for safety. With the Fed closely monitoring labor data, an unexpected spike might fuel rate-cut speculation.
Non-farm Payrolls
The Non-farm Payrolls (NFP) report will be released on Friday. March 2025’s 228,000-job gain exceeded expectations, with unemployment at 4.2%.
A strong NFP could drive bullish momentum, as job growth signals consumer spending power. A weak report below the median forecast of 130,000 might trigger recession fears, pushing capital to Bitcoin as a hedge or stablecoins for stability.
NFP’s broad scope, covering 80% of GDP-contributing workers, makes it a market mover. Key interest will also be on wage growth, as 0.3% monthly increases suggest inflation pressures, potentially capping crypto gains.
With markets pricing in Fed policy, surprises could spark sharp volatility.
