Coinbase stock will replace Discover Financial Services in the S&P 500 effective May 19, 2025.
COIN shares surged over 8 percent during Monday’s after-hours trading session.
Coinbase Global Inc. (NASDAQ: COIN) will be listed as part of the S&P 500 index, which tracks large-cap companies in the United States, on May 19, 2025. According to the announcement, Coinbase will replace Discover Financial Services (NYSE: DFS) in the S&P 500.
Furthermore, Discover Financial Services is being acquired by Capital One Financial Corp. (NYSE: COF), a constituent of the S&P 500 index.
The announcement received huge attention from the wider crypto community led by Michael Saylor, co-founder of Strategy. Moreover, the listing of Coinbase shares on the S&P 500 index further solidifies the growth and maturity of the cryptocurrency market and blockchain technology.
Congratulations @Brian_Armstrong on $COIN being added to the S&P 500 Index. A major milestone for Coinbase and for Bitcoin.
Following the announcement, COIN shares surged over 8 percent in Monday’s after-hours trading session to hover about $225. The large-cap company, with a market valuation of about $50 billion, successfully rebounded from a crucial support level above $150.
As a result, the COIN stock market is well positioned to rally beyond a crucial resistance level of around $348 in the near term. In the daily timeframe, COIN’s MACD line recently crossed above the seton line, amid the growing bullish momentum confirmed by the rising histograms.
Moreover, the company is heavily invested in Bitcoin and the wider altcoin market, which has signaled bullish momentum at the time of this writing. However, a consistent close below the recently established support level of around $150 will lead to further sell-off for COIN stock possibly towards the support level of around $116.
Pi Network users, known as Pioneers, are expressing growing frustration over their inability to transfer their mined Pi Coins (PI) to the blockchain’s mainnet.
The concerns mount as the network’s Grace Period deadline approaches, leaving users with just four days to complete the necessary migration process.
Pi Network Sets March 14 Deadline for KYC and Mainnet Migration
The Pi Network has set a critical deadline for users to complete their Know Your Customer (KYC) verification and Mainnet migration. According to the announcement, Pioneers must finalize these processes by 8:00 AM UTC on March 14, 2025.
Failing to do so will result in the loss of most of their Pi holdings. However, coins mined within the past six months are exempt from this. The Grace Period, introduced to give users ample time to complete verification, has already been extended multiple times.
As per the Pi team, these extensions were designed to accommodate as many legitimate users as possible, ensuring their balances could be verified and migrated.
“The end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances,” the blog read.
Despite this urgency, numerous Pioneers have reported issues preventing them from transferring their PI to the Mainnet. Among them is Jaro Giesbrecht. In a post on X (formerly Twitter), Giesbrecht claimed he had completed the Mainnet checklist but remained stalled.
“The Pi network has done nothing to help solve this problem. It is a very common problem. Pi has done nothing to help fix this and other problems,” he wrote.
Giesbrecht intensified his criticism, arguing that the deadline should be extended until all Pioneer issues are resolved. He suggested that failing to do so would render the entire process ineffective and raise concerns about the project’s legitimacy.
The issue appears widespread, with other Pioneers echoing similar complaints on X.
“The whole process is a joke. ~80% of my balance shows as unverified, although all of my security circle has completed KYC. No additional actions are listed to be taken in order to clear this up. Furthermore, nobody got back to me on a support ticket I opened weeks ago. What gives?” remarked a user.
Furthermore, users also noted that Step 9 on the Mainnet checklist—”Migrate to Mainnet”—remains unresolved, leaving their Pi balances in limbo.
“What’s the problem with the mainnet migration? Are we to forfeit our mined PI due to an error from your end?” a user posted.
Pi Network Mainnet Migration Issues. Source: X/Abissan
Pi Coin Sees Double-Digit Losses Amid Binance Listing Uncertainty
While the looming deadline worries many, others eagerly await March 14, widely recognized as Pi Day. The occasion has sparked optimism for a potential price surge despite Pi Coin’s recent struggles in the market.
“As long as we don’t break $1.2 support, I’m bullish. PI day is approaching, and hopefully, we will see a pump,” an analyst wrote.
Over the past week, PI has lost 16.3% of its value. Moreover, in the last 24 hours, it suffered a double-digit drop, trading at $1.40 at press time. This represented a decline of 12.2% over the past day alone.
However, these tools do not grant users full authority, as Binance retains the final decision-making power. Therefore, the uncertainty surrounding the decision has led to frustration.
In protest, they flooded the exchange with one-star reviews on Google Play Store. A similar decline in ratings was observed on Bybit. The exchange’s CEO had previously called Pi Network a scam.
U.S. job openings fell in March to their lowest level since 2020, reinforcing expectations that the Federal Reserve may consider a rate cut later this year.
Job Openings See Lowest Level in Four Years
Ahead of the FOMC meeting in May, data from the U.S. Bureau of Labor Statistics shows job openings dropped by 288,000 in March to 7.192 million. This was below the expected 7.490 million. February’s figure was revised downward to 7.480 million from the initial 7.568 million.
The job openings rate also declined to 4.3% from 4.5% in February. The quits level increased to 3.332 million, with the quits rate rising slightly to 2.1%. Economists often view the quits rate as a measure of worker confidence in the labor market.
Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, stated, “The ratio of job openings to unemployed individuals dropped to 1.0, matching its four-year low.”
Labor Market Cooling but Not Contracting
Layoffs also decreased during March to 1.558 million as compared to the revised 1.780 million in February. The job loss incidence went down to 1.0 % from 1.1%. While employment is declining more slowly, companies are not increasing layoffs, suggesting they aren’t cutting staff aggressively.
This deceleration suggests that Fed Chair Jerome Powell’s decision for a rate cut move may be necessary in case of a deterioration in labor conditions. Moreover, in a press briefing, Treasury Secretary Scott Bessent said the administration is holding talks with several partners and confirmed it plans to use tariff revenue to finance the ITA.
“There is a good chance we will see this in the upcoming tax bill,” he stated.
Some of the changes included repealing taxes on tips, social security income, and overtime pay, and reinstating the tax deductions for interest on automobiles that American manufacturers build. Bessent also stated that these changes could be supported by tariffs that would guarantee stable revenues.
Analysts Raise Odds of Fed Rate Cut in Late 2025
The combination of weak labor market data and soft consumer confidence has led to increased market speculation about a move by Jerome Powell for a Fed rate cut in the coming months. While forecasts show a 91% chance of no rate change in May despite the FOMC meeting, the possibility of cuts later in 2025 rose to 89% according to Polymarket.
Joel Griffith from the Heritage Foundation said, “Slower or even negative growth and higher prices could lead to a shift in Fed policy.”
Ted, a financial analyst, shared a broader outlook tied to potential Federal Reserve rate cuts. He expects “rate cuts and quantitative easing by Q4,” pointing to a supportive economic environment under what he called a “pro-crypto administration.” He cited Donald Trump’s stance on digital assets and Paul Atkins’ appointment as US SEC Chair as policy shifts likely to encourage crypto adoption.
Ted also referenced upcoming approvals of crypto-based ETFs like the XRP ETFs and broader institutional involvement. He said that “global regulatory clarity” may accelerate digital asset growth, particularly if Fed rate cuts begin to ease financial conditions.
Crypto prices dropped after U.S. Federal Reserve Chair Jerome Powell warned that higher tariffs and rising prices could slow down the economy. Speaking in Chicago, he said these changes might lead to stagflation, a mix of high inflation and low growth. Powell also talked about keeping the Fed independent from politics and pointed out how uncertain things are in the market right now. However, his promising comments regarding crypto caught investors’ sentiment.
The market saw a decline on Wednesday after Jerome Powell gave a cautious outlook on the U.S. economy. Powell raised concerns about rising inflation, slower economic growth, and the impact of trade policies, especially President Donald Trump’s proposed tariffs. His remarks led to uncertainty across financial markets, with crypto investors reacting quickly to the bearish tone.
Discussing cryptocurrency, Powell said crypto is becoming more mainstream and that a legal framework for stablecoins is “a good idea.” He highlighted the need for consumer protections and hinted at some regulatory flexibility to allow innovation, but added it must be done carefully to avoid attacking the stability of the banking system.
One of Powell’s most concerning messages was about the growing impact of trade policies. He warned that tariffs introduced under Trump’s administration are larger than previously forecasted, even beyond the Fed’s worst-case estimates. These, he said, will likely drive prices up and slow economic growth.
Powell said, “The effects of that are likely to move us away from our goals, so unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way into the economy.”
Regarding the government’s debt, Powell described it as unsustainable over the long run, particularly because the U.S. is running large deficits even while the economy is at full employment.
Fed Focuses on Innovation Amid Tough Road
Powell said that artificial intelligence could bring major changes to the economy, classifying it as more than just an improved search tool, comparing it to a more advanced version of a person. He noted that AI is one of the few developments likely to have a significant impact on the economy, though he acknowledged that it’s still unclear how these changes will unfold.
In a nod to potential challenges ahead, Powell said the Fed may face a situation where its two main goals: stable prices and full employment, come into conflict. If so, the central bank could be forced into making “a difficult judgment.”
Lastly, he addressed the Fed’s readiness to support global markets, saying it stands prepared to provide dollar liquidity via swap lines with other central banks. “We want to make sure that dollars are available,” Powell said.
Overall, the negative outlook on the economy caused Bitcoin and major altcoins to drop by nearly 2%. However, the market has started to bounce back after Powell’s comments about crypto innovation.
The post Crypto Markets Slide as Powell Flags Stagflation Risks, Tariff Troubles; Warns of Tough Road Ahead appeared first on Coinpedia Fintech News
Crypto prices dropped after U.S. Federal Reserve Chair Jerome Powell warned that higher tariffs and rising prices could slow down the economy. Speaking in Chicago, he said these changes might lead to stagflation, a mix of high inflation and low growth. Powell also talked about keeping the Fed independent from politics and pointed out how …
