Bitcoin ETF

Coinbase Stock

Bitcoin

Spot

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Shares of Coinbase (NASDAQ: COIN), one of the biggest regulated crypto exchanges, rose over 44% over the past 30 days amid the latest <a href="https://tokenist.com/btc-is-up-19-over-30-days-how-far-can-it-go-in-2024/" rel="dofollow" class="deco-link">crypto bull run</a> fueled by growing excitement over spot exchange-traded funds (ETFs). Recent investment firm Compass Point <a aria-label="hiked its price target (opens in a new tab)" href="https://twitter.com/DeItaone/status/1737094026606547180" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">hiked its price target</a> from $145 to $200 on Coinbase’s stock joining other analysts warming up to the exchange’s growth potential.</p> 
<h3 id="spot-bitcoin-etfs-hype-a-major-catalyst-for-btc-rally">Spot Bitcoin ETFs Hype a Major Catalyst for BTC Rally</h3> 
<p>In the face of recent challenges in the crypto landscape, most notably the <a href="https://www.cnbc.com/2023/11/21/binance-ceo-changpeng-zhao-to-plead-guilty-to-federal-charges-step-down.html#:~:text=Changpeng%20Zhao%2C%20the%20billionaire%20founder,according%20to%20the%20plea%20agreement." target="_blank" aria-label="leadership shuffle at Binance (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">leadership shuffle at Binance</a> due to regulatory heat, Bitcoin’s (BTC) uptrend remained intact.</p> 
<p>Notably, the flagship cryptocurrency blasted above the psychological $40,000 threshold earlier this month, driven by growing expectations of an imminent spot Bitcoin ETF approval. If sanctioned, it would mark the first time such a fund is approved in the US.&nbsp;</p> 
<p>Spot Bitcoin ETF is a financial instrument whose value is directly tied to BTC and would further increase the mainstream and institutional adoption of the biggest crypto asset.&nbsp;</p> 
<p>This week, crypto enthusiasts celebrated another small victory after BlackRock’s proposed spot BTC ETF received the ‘IBIT’ ticker, according to an <a aria-label=" (opens in a new tab)" href="https://www.sec.gov/Archives/edgar/data/1980994/000143774923034772/bit20231215_s1a.htm" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">amended S-1 filing</a> on Monday with the SEC. BlackRock (NYSE: BLK), the world’s largest asset manager, is one of 13 Bitcoin ETF proposals being reviewed by the securities regulator.&nbsp;</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="coinbase-up-355-in-2023-some-analysts-think-there-s-more-to-come">Coinbase Up 355% in 2023; Some Analysts Think There’s More to Come</h3> 
<p>At the time of writing, Bitcoin’s price was just below $43,000, up around 15% in the past month. Propelled by rekindled investor optimism, the cryptocurrency’s rally boded well for all crypto-related stocks, notably Coinbase.&nbsp;</p> 
<p>Amidst the crypto market’s sharp rebound following an extreme downturn in 2022, <a href="https://tokenist.com/coinbase-is-up-319-ytd-as-btc-shines-in-2023-becomes-one-of-spxs-best-performers/" rel="dofollow" class="deco-link">Coinbase’s shares witnessed</a> a surge of more than 355% this year, outshining even the S&amp;P 500’s best performers, <a href="https://tokenist.com/after-gaining-229-in-a-year-nvidias-stock-price-hits-record-high-day-before-earnings-report/" rel="dofollow" class="deco-link">including Nvidia</a> (NASDAQ: NVDA). The company’s stock soared around 45% in the past month as cryptocurrencies rallied on positive ETF developments.</p> 
<p>Furthermore, the recent regulatory hurdles encountered by Binance, resulting in Chanpeng Zhao’s resignation, worked in favor of Coinbase. The San Francisco-based cryptocurrency exchange stands out as the sole platform with an unsullied reputation amid these challenges.</p> 
<p>It is difficult to claim that Coinbase will extend its current momentum into 2024. Although the impending Bitcoin ETF approval and expected rate cuts could act as further catalysts for crypto assets, there is always a factor of uncertainty due to their volatile nature.&nbsp;</p> 
<p>Still, some analysts remain bullish on COIN. Earlier in the month, Needham analysts <a aria-label="hiked their price target (opens in a new tab)" href="https://www.investors.com/news/coinbase-stock-poised-for-rally-on-renewed-retail-crypto-frenzy-analyst-says/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">hiked their price target</a> to $160 from $120. More recently, Compass Point raised its price objective on the stock from $145 to $200, implying a potential upside of more than 30% from its current level.&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 think Coinbase’s shares will continue rallying in 2024, or has the crypto exchange’s valuation reached its peak? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/coinbase-stock-is-up-44-over-last-30-days-as-bitcoin-etf-hype-grows/">Coinbase Stock is Up 44% Over Last 30 Days as Bitcoin ETF Hype Grows</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Coinbase Stock is Up 44% Over Last 30 Days as Bitcoin ETF Hype Grows

Table of Contents

Tokenist

Other articles published on Dec 19, 2023

Cipher Mining’s Strategic Expansion in the Crypto Mining Industry

The UK FCA Sets To Oversee Crypto Sandbox In Jan. 8 2024

CFTC Charged Zhao to Pay $150 million and Binance $2.7 billion

Chainlink Gains Momentum; LINK Price Poised To Hit $25 In Next 6 Months

Will Bitcoin (BTC) Price Drop Below $40K in December? Here’s What to Expect

AI Transformations in 2023 and Prospects for 2024

Join our free newsletter for daily crypto updates!