By Michael Scott
The world’s second-largest crypto exchange by transaction volume, Coinbase, set an 18-month price record on Friday. The Coinbase stock trading on the Nasdaq as COIN mirrored the bullish steam portrayed by Bitcoin and Ethereum to exchange hands on Friday, November 24, at the highest price in 18 months.
The Brian Armstrong-led crypto exchange joined Bitcoins and Ethereum surge as among crypto projects riding on the boom roll. As such, the shares of the US’s largest crypto exchange rose to the highest price since May 2022, when Terra crashed.
Coinbase Stock Rallies to 18-Month High
Coinbase stock – COIN- exchanged hands 6% up in the past 24 hours to realize $115.75 per share. The stock price appeared to be eyeing the $117 level on Friday. A closer scrutiny of the surge took the Coinbase Global Inc. market capitalization to $27.64 billion.
Further assessment of Coinbase stock shows COIN is up 41% in the past month when the share exchanged hands at $82.00. The bullish steam appears to fuel the growth within the San Francisco-based exchange that has traded publicly since its 2021 listing on Nasdaq.
Coin realized the $115 level in May 2022, before the bust suffered by crypto project Terra. Terra’s implosion took with it several crypto-affiliated projects with it as it plunged.
Terra ran a leading crypto ecosystem with applications primarily oriented on algorithmic-based stablecoins. Terra’s native crypto LUNA constituted a sizeable digital asset from its market capitalization.
The collapse of Terra in May last year triggered a series of plunges as the crypto sector witnessed a widespread brutal bear. Several of the businesses exposed to the Terra ecosystem declared bankruptcy.
Coinbase Stock Replicates Bullish Cryptocurrencies Trend
The majority of digital tokens and coins, regardless of their market capitalization, suffered a decline, leaving them struggling to replace the prices before Terra’s implosion. Nonetheless, the sustained rally portrayed today shows Bitcoin (BTC), Ethereum (ETH), and Solan (SOL) leading the comeback.
Bitcoin led the comeback to break clear of the $38,000 ceiling, joined by Ethereum, which rallied to $2,131 on Friday, November 24. The surge is witnessed across the board as the global crypto market capitalization rose $1.44 trillion.
Coinbase stock is riding on the wave of the crypto rally, fueled by rising attention portrayed by several reputable Wall Street asset management firms towards the crypto exchange.
Recently, Coinbase has emerged as a real winner in pursuing an evasive spot in Bitcoin exchange-traded fund (ETF). Wall Street behemoths like BlackRock and Fidelity are tapping it for custodian services.
Besides BlackRock, other Bitcoin ETF hopefuls consider Coinbase a legitimate entity to shepherd their bid pending before the SEC. Armstrong-led crypto exchange is listed as the surveillance partner by Invesco, Valkyrie, VanEck, and Ark Invest, besides Fidelity, in their revised applications.
Coinbase Wins Confidence of Wall Street Firms
The selection of Coinbase as a partner in the long-awaited investment product portrays the confidence that the likes of BlackRock and Fidelity have in the San Francisco crypto exchange.
Bitcoin ETF is critical to expose traditional investors to cryptos via products tracking digital asset prices. However, the Gary Gensler-chaired Securities and Exchange Commission is still reviewing the applications with recent indications of looming approval.
Coinbase had, in mid-2023, faced charges leveled by the SEC alleging it ran an unregistered securities exchange. Coinbase restated that it will vigorously defend its innocence, though the charges brought a dark cloud.
BlackRock and other applicants have seemingly shrugged off the charges and offered a confidence vote that validates Coinbase’s business model. It indicates that whether the allegations are credible, the Wall Street firms perceive such would not hinder Coinbase’s capability to support the ETF.
Joshua Frank, who heads The Tie, an information service specialist in digital assets, backs Coinbase’s selection as deserving. It deploys a cautious approach to conducting business, unlike its peers recently.
Coinbase’s deliberate approach yields returns as COIN rallies from $54 when BlackRock filed for the ETF to surge and edge closer to $117.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.