The US Crypto News Morning Briefing offers an essential overview of key developments in the cryptocurrency space for the day ahead. As traders and investors prepare for the day, they can look forward to significant updates regarding Coinbase, the leading U.S.-based cryptocurrency exchange measured by trading volume. Although Coinbase's first-quarter earnings fell short of market expectations, the exchange achieved a historic milestone by becoming part of the S&P 500 index. Later today, further developments are anticipated.

According to BeInCrypto, Coinbase Exchange's entry into the S&P 500 marks a notable achievement. Specifically, Coinbase Global Inc. will replace Discover Financial Services in the S&P 500, effective prior to the market opening on Monday, May 19. This announcement caused Coinbase stock, symbol COIN, to rise nearly 10% on May 12. Now, another bullish fundamental factor is providing support for COIN on Tuesday.

COIN began trading on the New York Stock Exchange (NYSE) at 9:30 AM Eastern Time today, May 13, following its inclusion in the S&P 500. Since its debut, the COIN price has increased by more than 16%, currently trading at $241.23. The NYSE, one of the world's largest stock exchanges, serves as a platform for trading stocks, bonds, and other securities. Its stringent listing criteria suggest that COIN stock trading there signifies Coinbase Global Inc.'s financial stability, which may attract more institutional investors.

Joining both the S&P 500 and the NYSE implies that index funds and exchange-traded funds (ETFs) tracking these indices will purchase COIN shares, increasing demand and potentially driving the stock price upward. According to Bitwise data, approximately $5.3 trillion from institutional investors and $1.6 trillion from ETFs will contribute to an estimated $15 billion in Coinbase purchases. This reflects the increasing mainstream adoption of cryptocurrency-related companies within traditional finance (TradFi).

BeInCrypto's recent coverage highlighted how ETFs are expanding institutional access to cryptocurrencies. In other news, the Bureau of Labor Statistics (BLS) has released the latest Consumer Price Index (CPI) data, indicating that inflation slowed to an annual rate of 2.3% in April. Consequently, major Wall Street firms have adjusted their predictions for when the Federal Reserve might cut interest rates next. These revised projections reflect rising confidence that the economy can endure existing policy settings for a longer period than initially anticipated.

For those following U.S. crypto news today, here are additional updates to monitor.

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