Bitcoin

Grayscale Bitcoin Trust

James

<h2 id="quick-take">Quick Take</h2> 
Coinbase has recorded a remarkable surge in its share price, with a 61% uptick within the past month and a 256% increase on a Year-to-Date (YTD) basis. It stands second within crypto equities only to Grayscale Bitcoin Trust (GBTC), up 267% YTD. 
<figure id="attachment_377233" aria-describedby="caption-attachment-377233" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-377233 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/Coin.png" alt="YTD Performance: COIN,MSTR, IREN and GBTC: (Source: Trading View)" width="1410" height="883" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Coin.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/11/Coin-300x188.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Coin-1024x641.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/Coin-768x481.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-377233" class="wp-caption-text">
 YTD Performance: COIN, MSTR, IREN, and GBTC: (Source: Trading View)
 </figcaption>
</figure> 
Key factors driving COIN’s performance may relate to its public listing on the US stock exchange, which compels it to meet stringent US regulatory standards. This has fortified investor confidence in its operational transparency and compliance. 
Further solidifying its market position is Coinbase’s critical role as the primary custodian for potential spot Exchange-Traded Funds (ETFs), as noted by <a href="https://x.com/JSeyff/status/1729255493045309566?s=20">James Seyffart</a>, an ETF analyst at Bloomberg. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/F_-MnVGWgAAMcTm?format=png&amp;name=900x900" alt="List of spot ETFS: (Source: Bloomberg)" width="817" height="586">
 <figcaption class="wp-caption-text">
 List of spot ETFS: (Source: Bloomberg)
 </figcaption>
</figure> 
Conversely, Binance, the leading exchange in <a href="https://cryptoslate.com/insights/binances-market-dominance-wanes-with-regulatory-woes-and-futures-market-shifts/">spot volume</a>, faces an <a href="https://cryptoslate.com/judge-rules-cz-must-remain-in-the-u-s-for-now/">uncertain future</a> due to regulatory concerns and the recent resignation of its CEO, Changpeng Zhao (CZ), which may further consolidate Coinbase’s competitive advantage. Furthermore, Binance is noticeably losing substantial ground in the futures and derivatives market. This loss, however, is not to Coinbase but to another American exchange, CME. This trend suggests a notable decline in interest and volume. 
The post <a href="https://cryptoslate.com/insights/coinbases-strategic-positioning-fuels-massive-256-ytd-stock-surge/">Coinbase’s strategic positioning fuels massive 256% YTD stock surge</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Coinbase’s strategic positioning fuels massive 256% YTD stock surge

Table of Contents

CryptoSlate

Other articles published on Nov 28, 2023

USTC and Terra Classic (LUNC) Prices Plummet, What’s Next?

Is It Too Late to Buy Toncoin? TON Price Spikes 18% as New Telegram Crypto Casino Launch Countdow...

Sports Leagues Are Now Being Sued for Promoting FTX: Report

Spain Tightens Grip on Crypto Holders With New Reporting Rules

CAKE Price Signals Bullish Reversal At $2, Should You Buy?

Solana ecosystem grows with Jito’s 115 million token release

Join our free newsletter for daily crypto updates!