According to the latest reports, it seems that Coinbase stock price has been able to hit the highest value since May 2022. Check out the latest reports about this below.
Coinbase stock price hits highest value
Coinbase’s stock has reached a new annual high for the year, surpassing figures last observed in May 2022. Starting the month at $77, Coinbase’s stock price has risen by 50% to $116.4 today, according to TradingView.
This is the highest price it has reached since mid-2022.
However, it’s worth noting that the current price is still significantly lower than in 2021 when the stock ranged from $220 to $350. Although it did take a hit earlier in 2022, it hasn’t fully recovered yet.
The stock of the exchange has surged recently, coinciding with the likely approval of a spot bitcoin ETF by the industry and the SEC’s collaboration with potential issuers.
Grayscale Investments, BlackRock and Nasdaq employees have recently had meetings with the SEC regarding the conversion of Grayscale’s flagship bitcoin trust to a spot bitcoin ETF. Additionally, prospective issuers like Grayscale and Ark Invest have updated their prospectuses, indicating further progress.
The highs in the market also follow a $4.3 billion penalty on Binance, one of the exchange’s largest competitors, and the removal of its CEO Changpeng Zhao. Industry analysts have mixed opinions on Binance’s ability to maintain its market share after the setback.
The prices of cryptocurrencies have reached recent highs, with Bitcoin crossing the $38,000 mark, up 4% today. Ether trades at $2,120, reflecting a similar 4% rise today.
Coinbase in the news
The other day, we were revealing the fact that recent on-chain data has revealed that Coinbase, a leading US-based cryptocurrency exchange, is experiencing a surge in its Bitcoin (BTC) reserves.
In contrast, Binance is witnessing a sharp decline in its BTC holdings.
Blockchain tracker CryptoQuant’s data shows that Coinbase’s BTC reserves have increased by 12,000 BTC, which is approximately worth $450 million.
