Dimon's Leverage Warning Hits Coinbase and Circle Stocks
JP Morgan CEO Jamie Dimon has sounded a warning about high market leverage as the S&P 500 index pulls back from its all-time high of 7,798 points seen on August 5. The index dropped by 0.71% to close trading at 7,723 points, with Coinbase (COIN) stock also down 0.56%. Despite this, COIN has rebounded from multi-week lows, gaining 7% since July 31.
The price of COIN needs to close above the resistance at $153 for three straight days to suggest an uptrend is sustainable. However, the Relative Strength Index (RSI) reading of 43 suggests momentum favors bears, which could hinder COIN's move above $153.
Circle (CRCL) stock has gained despite posting mixed earnings, with a revenue of $701 million in Q2 2026 lower than expected. The company's Arc blockchain, created in partnership with BlackRock and Visa, will go live on September 16.