Coinbase benefits from New York Judge’s XRP Ruling and Trades for more than $100 again

0

Last Updated on 6 November 2023 by CryptoTips.eu

New York Judge Analisa Torres’ ruling this week in the SEC’s case against Ripple Labs (the company behind the popular cryptocurrency XRP) was good news for XRP. But it was actually even better news for Coinbase, the largest US crypto platform that was recently sued by the SEC for similar offences.

Coinbase stock, which is experiencing a real revival this year, is once again trading above $100 thanks to the ruling.

Advertentie.

Brian Armstrong

Wall Street investors who don’t want to bother signing up for a crypto platform will have to wait for one of the (so far) 8 applications for a Bitcoin ETF (exchange traded fund) to be approved by the SEC. As the American stock market watchdog is currently losing its fight against crypto companies, analysts expect that such an approval will happen before the end of the summer.

Those who don’t want to wait that long can also simply buy stocks related to crypto, such as Microstrategy, Michael Saylor’s investment company, Marathon Digital, the maker of Bitcoin mining equipment or Coinbase, Brian Armstrong’s major US crypto platform. Earlier this month, Coinbase stock had already started rising thanks to Wall Street’s renewed interest in crypto.

After a catastrophic 2022, in which the stock lost almost 90% of its value, Coinbase continues to recover in 2023. Investment funds such as Blackrock and Fidelity have chosen Coinbase as a financial partner for their own crypto trading, so at the moment the Bitcoin ETF filings from those companies being approved by the SEC could allow Coinbase to fully recover!

Brian recently applied for a license to operate from Bermuda if the US government were to completely ban crypto on their territory, but that seems unnecessary at the moment. With the latest SEC-XRP ruling as well as Wall Street’s optimism regarding crypto, Coinbase seems to be in for a good summer right now.

burdun / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts