Coinbase Global Inc. shares jumped over 9% on Friday after JPMorgan Chase upgraded the cryptocurrency exchange to "Overweight" from "Neutral" and raised its price target to $404. The upgrade reflects anticipated monetization opportunities from the Base network and potential changes to USDC rewards distribution. JPMorgan analysts estimate a potential Base token launch could represent a market opportunity valued between $12 billion and $34 billion.

JPMorgan analysts upgraded Coinbase with a December 2026 price target of $404, citing a potential Base network token valued between $12 billion and $34 billion. The bank highlighted Base's growth to over $5 billion in total value locked and shifts in USDC reward distribution as key monetization opportunities.

Former U.S. President Donald Trump pardoned Changpeng Zhao, founder of cryptocurrency exchange Binance, who served four months in prison for violating anti-money laundering laws. The pardon could enable Binance to reenter the U.S. market, though Treasury approval remains required to end the Justice Department's three-year compliance monitoring.

Major cryptocurrencies displayed muted price action on October 24, 2025, following the US Consumer Price Index report for September. Bitcoin briefly touched $111,842 before retreating to $110,500, while Ethereum approached $4,000 and settled above $3,900. The CPI data showed headline inflation at 0.3% and core inflation at 0.2%, with year-over-year measures at 3%.

JPMorgan upgraded Coinbase to "overweight" from "neutral" and raised its price target to $404 from $342. The bank cited two primary catalysts: potential monetization of a Base token and expanded USDC yield offerings through Coinbase One. Shares climbed more than 8% in early trading to approximately $349.56.

Stable, a blockchain optimized for USDT transfers and backed by Bitfinex, closed its pre-deposit campaign after securing $825M in liquidity. Data show a single whale deposited approximately $500M, representing over 60% of total contributions. The whale transferred funds from multiple wallets starting 30 minutes before the campaign's public announcement on October 24, 2025.

Decentralized perpetual futures platforms recorded over $1 trillion in trading volume during October, marking a new monthly record. Hyperliquid led all decentralized exchanges with $317.6 billion in trades, while collective DEX activity peaked at $78 billion on October 10. The milestone represents approximately 30% growth over August's previous record of $762 billion.

Overseas renminbi lending by Chinese banks reached a record RMB3.4 trillion ($480 billion), marking a 35% increase from the previous high, according to China's State Administration of Foreign Exchange. The renminbi's share in global trade finance rose from under 2% to 7.6% over three years, Swift data showed. China's Cross-Border Interbank Payment System now processes over RMB40 trillion quarterly, reflecting Beijing's push to reduce dollar dependence in global finance.