Coinbase Shares Hit Yearly High Amid Crypto Market Surge
As of the latest update, Coinbase (COIN) shares on the Nasdaq have reached $128.46, marking the highest trading point for the crypto exchange this year.
This surpasses the previous peak of $110.15 in July, fueled by positive developments in Ripple’s SEC lawsuit. Although these levels align with prices from May 2022, Coinbase shares are still a distance from their all-time high of $342.98 during the November 2021 crypto bull run. Notably, COIN has outperformed industry giants Bitcoin and Ethereum, gaining 72% in the past month and nearly tripling its value from January 2023.
Amid this bullish trend, Cathie Wood’s Ark Invest seized the opportunity to rebalance its portfolio, selling $5.3 million in Coinbase holdings and acquiring around $1.2 million in Robinhood shares. The recent surge in Coinbase’s performance aligns with anticipation around Bitcoin and Ethereum spot ETF decisions, with Coinbase set to play a crucial role as a custodian or surveillance partner, particularly for BlackRock.
Clever Robot News Desk 30th November 2023
Related Article
