Coinbase launches an initiative to popularize cryptocurrencies

The correlation of digital currencies with the shares of companies from the United States, as well as with news from the field of macroeconomics, is becoming weaker against the backdrop of the current flat movement of the BTC rate. This point of view was expressed by analysts from Bernstein.

In their opinion, the market is between bulls and bears, “waiting for further catalysts”, and its susceptibility to news from the conservative finance sphere “is not the same as before.” Bitcoin’s correlation with the Nasdaq Composite index dropped from 0.94 to 0.58 at the beginning of last month.

The researchers also reported that regulators’ initiatives have proven to be bearish for the crypto market, as has the slow adoption of digital assets by institutions. On the other hand, a weakening correlation with securities is an indicator of a bullish trend.

“A significant portion of stablecoin issuance (>50%) and global digital currency trading remains outside the US,” the analysts added.

And the crypto exchange Coinbase decided to come to grips with lobbying for digital currencies among politicians.

“The time has come to promote pro-crypto policy in all 435 US congressional districts. Introducing Crypto435, our community development campaign to secure cryptocurrencies and share tools and resources to make your voice heard,” the company said in a statement.

Coinbase will help all interested US residents get data on how to contact politicians representing them, talk about their views on digital assets, provide the necessary information and recommendations to influence the opinion of congressmen.

“We need sound policies and sound regulation so that we can continue to promote cryptocurrencies and Web3 and make progress on our mission to increase economic freedom,” the company stressed.

Do you think this initiative will help promote the crypto industry?