Coinbase(US:COIN) SINOLINK SECURITIES·2026-03-29 08:20Investment Rating - The report suggests a cautious approach to the cryptocurrency market due to the current low sentiment, recommending to focus on companies benefiting from the growth of USDC and potential mergers in the industry [3][30]. Core Insights - The total market capitalization of cryptocurrencies is $2.4 trillion, down 1.7% from the previous week. Bitcoin closed at $66,338, down 5.9%, and Ethereum at $1,991, down 7.2% [9][11]. - The average holding price for Bitcoin is approximately $54,237, indicating that current prices are below the short-term investors' cost basis but above long-term investors' [11]. - The cryptocurrency fear and greed index is at 23, indicating a state of "fear" and a cooling sentiment compared to the previous week [11]. - Global cryptocurrency trading volume for the week is $0.55 trillion, down 15.2% from the previous week, with Coinbase's spot trading volume at $10.5 billion, down 9.4% [18][30]. Summary by Sections Market Review - The cryptocurrency market has shown a decline in both market capitalization and trading volumes, with significant drops in Bitcoin and Ethereum prices [9][18]. Global Policy and Industry News - The report highlights several key developments, including the approval of a proposal to allow cryptocurrencies in 401(k) retirement plans, and the introduction of a developer platform by the Solana Foundation aimed at AI applications [22][25]. - The CLARITY Act draft prohibits earning income solely from holding cryptocurrencies, which has faced opposition from Coinbase [22]. - Fidelity has called for a new regulatory framework to allow brokers to trade crypto assets through ATS [22]. Company News - Circle has established its first partnership in Africa, allowing transactions using USDC [26]. - Tether has engaged one of the "Big Four" accounting firms for its first comprehensive audit [26]. - The Intercontinental Exchange has completed a $600 million investment in Polymarket, and the New York Stock Exchange is collaborating with Securitize to develop a tokenized securities platform [26][27]. Investment Recommendations - The report advises maintaining a cautious stance in the current market environment, while suggesting to monitor companies that may benefit from the growth of USDC and the evolving regulatory landscape in Hong Kong [30].