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- Coinbase stock (COIN) is reported to have made a whopping surge of 400% from year to date.
- According to analysts, the price could continue its upward trend as the crypto market looks forward to the first-ever spot Bitcoin ETF.
The incredible recovery of the crypto market this year has had a significant effect on the Coinbase stock (COIN), making it rub shoulders with crypto heavyweights. According to reports, COIN has so far recorded more than 400% gains this year, hitting a 20-month high price. As of press time, COIN was trading at $161.
Coinbase’s stock has also outperformed the biggest altcoin, Ethereum, as its ETH/USD pair only managed an 85 percent surge from year to date. Analysts have predicted a more bullish run for the asset pending the potential approval of the spot Bitcoin Exchange-Traded Fund (ETF.)
According to trader and investor Bob Loukas, the current engagement with the US Securities and Exchange Commission (SEC) on the ETF saga certainly shows that the approval is 99.9 percent done. Similarly, Bloomberg analyst James Seyffart has predicted that this approval could be done by January 10.
A new Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.
Grayscale CEO Michael Sonneshein has predicted that trillions of dollars could flood into the market after the ETF approval. In this case, COIN may continue its upward trajectory to an unimaginable price height.
We’re really talking about the advised market here in the US, which is today about $30 trillion worth of advice wealth that we hope the approval of Bitcoin ETFs, and the uplisting of GBTC will allow for that opportunity for those investors to partake in it as well.
Ark Invest Reduces Exposure to COIN, Coinbase CEO Criticizes Anti-Crypto Political Strategy
Data currently shows that Cathie Wood’s Ark Investment has reduced exposure to COIN. COIN holdings in its ARK Innovation (ARKK) ETF were reduced by 11 percent in December. The holdings remain below the aggregate cost of a little below $255 but remain its largest component. On December 5, Ark Invest offloaded 237,572 Coinbase shares across its three funds.
COIN has faced seven consecutive quarter losses with the third quarter loss of $2 million exceeding the expectation of Wall Street.
Coinbase CEO Brian Armstrong has always supported campaigns against anti-crypto political figures as the firm recently joined the fundraising move of almost $80 million to support pro-crypto candidates in the US election. He has always stressed that a rejection of rule-making collaboration from the SEC has been a serious challenge to Coinbase. Armstrong shared a video on December 19, where U.S. Senator Roger Marshall was admitting to the allegations that the American Bankers Association (ABA) played a key role in coming up with the “crypto ban” bill, the Digital Asset Anti-Money Laundering Act. To him, being an anti-crypto is a bad political strategy.
Being anti-crypto is a really bad political strategy going into 2024. 52 million Americans have used crypto. 38% of young people say crypto can increase economic opportunities. Just 9% of Americans are satisfied with the current financial system. crypto prices are up 90% YTD. http://standwithcrypto.org on its way to 1M advocates (voters) who want sensible crypto policies.
