Bernstein: Crypto Bull Cycle ‘Still in Its Early Innings’ Given Recent Developments with Robinhood and Coinbase

PANews reported on July 31st that according to The Block, Bernstein stated in a client report on Thursday that the current crypto bull market cycle is still in its early stages, and trading platforms such as Robinhood and Coinbase are poised to benefit from increased trading volume and mainstream market adoption. Bernstein reiterated its "outperform" rating on both companies, expressing continued confidence in their performance. The report shows that Robinhood reported strong second-quarter results on Wednesday and continues to expand its cryptocurrency product offerings. Its trading volume surged to a six-month high in July, driven by a rebound in market volatility and growing investor interest in ETH, SOL, and DeFi tokens, driven by factors such as Circle's listing. Cryptocurrency trading volume is expected to rebound significantly in the second half of the year. Furthermore, the report mentioned Coinbase's strategic partnership with JPMorgan Chase, a move that significantly boosts the adoption of digital assets. JPMorgan's embrace of an industry once criticized by its CEO will accelerate Coinbase's customer acquisition. Bernstein believes the current crypto bull market is still early, and recent developments reinforce this view, stating that "no action is needed at this time."