Coinbase stock surges on Wall Street’s crypto enthusiasm
Last Updated on 6 November 2023 by CryptoTips.eu
The stock of Coinbase, the largest US crypto platform, is currently benefiting from the Bitcoin ETF craze. That’s remarkable as Brian Armstrong’s company was seeking a license in Bermuda just months ago and has since been sued by the SEC.
Disaster 2022
You may recall that the Coinbase IPO in April 2021 was the all-time high for Bitcoin (and, coincidentally, Coinbase shares). On the day of its listing on the Nasdaq, Coinbase’s stock soared to an all-time high of $381.
After a catastrophic year 2022, in which the stock lost almost 90% of its value, Coinbase is now recovering in 2023. The stock is up 130% in 2023 and this trend could continue further. Investment funds such as Blackrock and Fidelity have chosen Coinbase as a financial partner for their own crypto trading, so if both companies’ Bitcoin ETF filings are approved by the SEC, this could allow Coinbase to fully recover!
Coinbase surges after Cboe names crypto exchange in bitcoin ETF application https://t.co/S8m4qH1Tzo pic.twitter.com/7fonZI8VKP
— Reuters (@Reuters) July 3, 2023
According to analysts, Coinbase stock is likely to form a strong support zone between $50 and $82. The traditional financial giants that Coinbase is now working with are confident that everything will work out with their Bitcoin ETF in the end, despite the recent problems with the SEC.
The year 2022 was catastrophic for the largest US crypto company, while 2023 could be the year of its resurrection. Since the beginning of the year, Coinbase’s stock has climbed 125%.
Other crypto-related stocks quoted on US exchanges, such as Microstrategy and Marathon Digital (which makes mining equipment for Bitcoin) have had a fantastic few weeks.
