Jerome Powell

Bitcoin ETF

April

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<p class="has-drop-cap">Bitcoin (BTC) <a href="https://tokenist.com/btc-is-up-19-over-30-days-how-far-can-it-go-in-2024/" rel="noopener noreferrer nofollow" class="deco-link">hit a new 18-month high</a> on Monday, exceeding the $42,000 threshold for the first time since April 2022. This crypto market resurgence has boded well for Coinbase (NASDAQ: COIN), one of the biggest crypto exchanges, which has seen its share price surge this year. The stock seems to be in a favorable position to <a href="https://tokenist.com/how-coinbase-became-a-beneficiary-of-six-bitcoin-etf-applications/" class="deco-link" rel="noopener noreferrer nofollow">benefit from the much-anticipated spot Bitcoin ETF launch</a> that could further propel BTC’s rally.&nbsp;</p>
<h3 id="coinbase-adds-12b-in-market-cap-in-november">Coinbase Adds $12B in Market Cap in November</h3>
<p>Coinbase Global’s stock has been on a tear this year, and there are no clear indications that the rally will stop soon.</p>
<p>The crypto exchange saw its share price rocket more than 63% over the past month, bringing its year-to-date gains to a staggering 319%. In November alone, the company’s market cap added about $12 billion, propelling its total valuation to $33.7 billion.</p>
<p>With its stock price up 319% since the start of the year, Coinbase is outstripping the <a href="https://tokenist.com/70-of-the-stock-market-gains-this-year-come-from-the-magnificent-seven/" rel="noopener noreferrer nofollow" class="deco-link">S&amp;P 500’s best performers</a>, including the AI-buffed Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META). The cryptocurrency exchange has been building momentum this year thanks to various factors.</p>
<p>One of the primary catalysts has been the resurgent crypto market, which is flooded with optimism that the SEC is inching closer to approving the first-ever spot Bitcoin ETF. Further, the demise of Sam Bankman-Fried’s FTX in November 2022 and the <a aria-label="recent challenges at Binance (opens in a new tab)" href="https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">recent challenges at Binance</a> have additionally stimulated investors to buy Coinbase’s shares in hopes that it will witness business growth – particularly if regulators greenlight the spot BTC ETF.&nbsp;</p>
<p>At this point, Coinbase remains the only cryptocurrency exchange without serious regulatory challenges and the best-positioned one to capitalize on any further crypto rallies.&nbsp;</p>
<p>“Coinbase is in a better position today than really any other point as a public company,” said Needham &amp; Co. analyst John Todaro, noting that 2022 and 2023 have been “shakeout years” for the cryptocurrency market.</p>
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 <p>“Those who survived are going to come out of that stronger. And Coinbase is one that survived.”</p> <cite>– he added.</cite>
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<h3 id="bitcoin-crosses-42k-on-etf-hype-and-alleviating-macro-pressures">Bitcoin Crosses $42K on ETF Hype and Alleviating Macro Pressures</h3>
<p>As mentioned, Bitcoin’s latest ascent has further boosted Coinbase’s 2023 rally, turning November into its second-best month since the company went public in 2021.</p>
<p>For the first time since April 2022, the flagship cryptocurrency has briefly broken above the $42,000 mark on Monday. Over the past 30 days, BTC gained almost 20%, lifted by speculations that the SEC could approve the inaugural spot Bitcoin ETF as soon as January 10.&nbsp;</p>
<p>The securities watchdog rejected such applications in the past, but analysts expect a different outcome this time due to a shifting regulatory mood.</p>
<p>Apart from that, investors’ appetite for risk assets has also increased amid easing macroeconomic challenges in the US. Federal Reserve chair <a href="https://tokenist.com/gold-prices-hit-new-high-after-feds-comments-on-inflation/" rel="noopener noreferrer nofollow" class="deco-link">Jerome Powell said</a> last week that the current level of interest rates is keeping inflation under control, bolstering hopes that the central bank has reached the end of its rate-hiking campaign.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you expect Coinbase to continue trending higher throughout 2024? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/coinbase-is-up-319-ytd-as-btc-shines-in-2023-becomes-one-of-spxs-best-performers/">Coinbase is Up 319% YTD as BTC Shines in 2023, Becomes One of SPX’s Best Performers</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Coinbase is Up 319% YTD as BTC Shines in 2023, Becomes One of SPX’s Best Performers

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