COIN

Bitcoin

Spot

After the approval of <a href="https://coingape.com/bitcoin-etf-issuer-hold-175k-btc-despite-grayscale-robust-outflow/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a>, Coinbase has seen a surge in dominance within the U.S. market with respect to BTC share. The reason behind this increase could be Coinbase’s move to serve as a custodian for 8 of the 11 newly approved Bitcoin ETFs. 
<h2 id="coinbase-registers-jump-in-bitcoin-market-share">Coinbase Registers Jump In Bitcoin Market Share</h2> 
Over the last three months alone, Coinbase’s share of the Bitcoin market has escalated from 47% to a massive 60%, according to statistics from Kaiko, a blockchain data provider. This significant increase underscores Coinbase’s growing influence and underscores the impact of Spot Bitcoin ETF approval on crypto exchange platforms’ market positions. 
<a href="https://coingape.com/education/coinbase-earn/" target="_blank" rel="noopener">Coinbase</a> currently serves as a custodian for Bitcoin ETFs by BlackRock, Grayscale, Ark 21Shares, and Franklin Templeton among others. In addition, with the anticipation of Spot Ethereum ETFs, it is expected that Coinbase will expand its crypto ETF custodian services. 
Moreover, the surge in Coinbase’s Bitcoin market share also impacted its services lately, causing a massive outage. Coinbase CEO Brian Armstrong linked the recent outage to the unforeseen surge in activity within the cryptocurrency market. Furthermore, he emphasized that the team had prepared for a 10x increase in volume, but the reality surpassed expectations due to the rally in the <a href="https://coingape.com/coinbase-outage-100-bln-wiped-off-in-bitcoin-market-cap/" target="_blank" rel="noopener">Bitcoin</a> price, leading to the crash of the Coinbase app. 
Furthermore, between 12:15 p.m. ET and 12:30 p.m. ET on February 28, the price of Bitcoin experienced a sharp decline from $64,000 to $59,000, indicating a 9% swing. This sudden pullback was believed to have been influenced by the outage on Coinbase, leaving users facing a $0 balance in their accounts. 
Also Read:&nbsp;<a href="https://coingape.com/coinbase-warns-against-the-recent-rally-in-crypto-ai-projects/" target="_blank" rel="noopener">Coinbase Warns Against the Recent Rally In Crypto AI Projects</a> 
<h2 id="goldman-sachs-raises-coin-stock-rating">Goldman Sachs Raises COIN Stock Rating</h2> 
On Thursday, March 7, Goldman Sachs revised its stance on the <a href="https://coingape.com/crypto-stocks/coin/" target="_blank" rel="noopener">Coinbase stock</a>, upgrading the stock from Sell to Neutral. Alongside the shift, the investment firm set a fresh stock price target of $282 for the cryptocurrency exchange platform. This upgrade mirrors recent developments in the crypto market, led by a substantial surge in the Bitcoin price hitting all-time highs. 
The upgrade in rating coincides with daily trading volumes on Coinbase soaring to levels not witnessed since 2021, prompting Goldman Sachs to hike its revenue estimates for the company by 48% since early February. Moreover, these heightened volumes have been pivotal in the firm’s reevaluation of Coinbase’s stock. 
Goldman Sachs’s revised perspective on the COIN stock is linked to the improved performance and adoption metrics in the crypto market. The analyst highlighted the substantial increase in revenue estimates attributed to the recent surge in Bitcoin, altcoin prices and trading volumes. 
The new stock price target of $282 signifies a notable departure from the firm’s earlier valuation of Coinbase. This update directly responds to the prevailing trends in the Bitcoin and overall crypto market and the platform’s trading activity, indicating a more favorable short-term outlook for the CEX. 
Also Read:&nbsp;<a href="https://coingape.com/solana-co-founder-praise-brian-armstrong-coinbase-hiring-policy/" target="_blank" rel="noopener">Solana Co-founder Praises Brian Armstrong Over Coinbase’s Hiring Policy</a> 
The post <a href="https://coingape.com/bitcoin-news-coinbase-btc-market-share-climbs-to-60-after-etf-approval/">Coinbase’s Bitcoin Market Share Climbs To 60% After ETF Approval</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Coinbase’s Bitcoin Market Share Climbs To 60% After ETF Approval

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