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The rise in the cryptocurrency market, led by Bitcoin, continues to impact the performance of publicly traded company stocks in the crypto services sector. According to data from the price analysis platform TradingView, the publicly traded shares of Coinbase, a US-based cryptocurrency exchange, have reached their highest level of the year, surpassing the levels last seen in May 2022.
Noteworthy Developments in Coinbase
According to data from TradingView, Coinbase started November at $77 and reached $116.4 by November 24, marking a 50% increase. This level currently represents the highest price seen since mid-2022.
Compared to its trading range of $220 to $350 in 2021, the price of Coinbase stock is currently much lower. The stock experienced a significant correction in early 2022 and has not fully recovered since then. This correction in Coinbase stock coincided with the anticipation of the SEC approving a spot Bitcoin ETF application, as SEC officials showed interest in potential crypto companies.
Recently, the SEC met with employees from Grayscale Investments, BlackRock, and Nasdaq, discussing the conversion of the flagship GBTC product into a spot Bitcoin ETF. Potential spot Bitcoin ETF issuers such as Grayscale and Ark Invest have also updated their application reports, indicating progress in their efforts.
Reasons for the Rise in Coinbase Stock
The recent surge in Coinbase stock followed the $4.3 billion fine imposed on Binance, one of Coinbase’s biggest competitors, and the removal of CEO Changpeng Zhao. Industry analysts have varying opinions on whether Coinbase can maintain its market share after the setback experienced by Binance.
In conjunction with the developments in the crypto market, Bitcoin surpassed the $38,000 mark with a 4% increase on November 24, reaching its highest levels in recent times. However, at the time of writing, Bitcoin was trading at $37,756.
