Introducing the US Crypto News Morning Briefing, your go-to update on the latest in the crypto world for the upcoming day. Take a moment to catch up on what's in store for Coinbase, the leading US exchange in terms of trading volume metrics. Despite Coinbase's Q1 earnings falling short of expectations, the exchange achieved a milestone by becoming part of the S&P 500 index, with more developments expected today.

Today's Crypto News: Coinbase's COIN Stock Listing on the NYSE Following S&P 500 Inclusion

BeInCrypto covered Coinbase Exchange's significant move to join the S&P 500. Coinbase Global Inc. is set to replace Discover Financial Services on the S&P 500 index, effective prior to the market opening on Monday, May 19. On May 12, the news drove Coinbase's stock, COIN, up by nearly 10%, and the positive trend continued into the next day.

With its debut on the New York Stock Exchange (NYSE) today at 9:30 AM ET, following its inclusion in the S&P 500, COIN has seen a price increase of over 16%, now trading at $241.23. Trading on the NYSE, known for its stringent listing standards, reflects Coinbase Global Inc.'s stability, potentially attracting more institutional investors.

The inclusion of COIN in the S&P 500 and NYSE means that COIN shares will be purchased by index funds and ETFs that track the index, driving up demand and potentially elevating the stock price. This signifies mainstream acceptance of crypto-related companies within traditional finance.

Bitwise research indicates that a significant amount of institutional investment, ETFs, and index funds will contribute to an estimated $15 billion in Coinbase purchases, underlining the increasing interest of traditional finance in crypto-related companies. This trend aligns with the broader expansion of institutional access to crypto through ETFs.

In another development, based on the latest CPI data released by the Bureau of Labor Statistics showing a slowdown in inflation in April, major Wall Street firms have revised their projections for the Federal Reserve's interest-rate cuts. JPMorgan, Citigroup, Goldman Sachs, and Barclays have adjusted their forecasts, reflecting a growing confidence that the economy can weather current policy settings.