United

Coinbase Stock

Hive

James

Coinbase, the popular cryptocurrency exchange, has recently experienced a surge in its stock price, reaching an 18-month high. 
This boost in share value coincided with the guilty pleas of Binance, a rival exchange, and its former CEO, Changpeng “CZ” Zhao, who admitted to charges related to money laundering and sanctions violations in the United States. 
On November 27th, Coinbase’s stock closed at $119.77, marking its highest level since May 5, 2022, when it closed at $114.25, as reported by TradingView data. 
Although there was little movement in after-hours trading, this recent performance has propelled Coinbase shares up by approximately 256.5% year-to-date. 
However, it’s worth noting that the stock is still down 65% from its all-time high of nearly $343 on November 12, 2021. 
This surge in Coinbase’s share price occurred shortly after Binance and its founder, CZ, pleaded guilty to charges related to money laundering, U.S. sanctions violations, and operating an unlicensed money-transmitting business. 
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As part of the settlement, Zhao stepped down as CEO, and Binance agreed to comply with monitoring requirements from the U.S. Justice Department and Treasury Department for up to five years, amounting to a $4.3 billion settlement. 
Coinbase has also benefited from the pending approval of U.S. spot Bitcoin and Ether exchange-traded funds (ETFs). 
Analysis by Bloomberg ETF analyst James Seyffart reveals that Coinbase serves as the custodian for 13 out of 19 spot crypto ETFs currently awaiting approval from the U.S. Securities and Exchange Commission (SEC). 
However, Coinbase is not without its challenges. The exchange is currently facing a lawsuit from the SEC, alleging that it failed to register with the regulatory authority and listed tokens that violated U.S. securities laws. 
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Coinbase had attempted to dismiss the lawsuit and questioned the SEC’s authority to oversee the cryptocurrency industry. 
In summary, Coinbase’s stock has experienced a significant uptick in value following the legal troubles of its rival Binance and its founder. 
The exchange’s involvement in pending cryptocurrency ETFs also contributes to its positive momentum, despite ongoing legal challenges with the SEC. 
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Coinbase Stock Surges to 18-Month High as Binance Boss Pleads Guilty to Charges

Crypto Intelligence

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