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<p>At Coinbase, after a tumultuous year in 2022, things finally seem to be clearing up in 2023. The American cryptocurrency exchange is boasting impressive performance: a skyrocketing COIN stock on the stock markets, record profits, and many other successes. But what is the secret behind this success story? Some wonder if Coinbase is benefiting from a boost from the U.S. government to destabilize its rival, Binance.</p>
<h2 id="h-the-coinbase-boom">The Coinbase Boom</h2>
<p>Despite some turbulence, including a <a href="https://www.cointribune.com/en/crypto-coinbase-vs-sec-ripples-lawyer-denounces-a-serious-mistake/" target="_blank" rel="noopener noreferrer nofollow">dispute with the United States Securities and Exchange Commission</a> and <a href="https://www.cointribune.com/en/?p=675488" target="_blank" rel="noopener noreferrer nofollow">recent technical outages</a> that have tarnished its reputation, Coinbase seems to be on the right track.</p>
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     <p lang="en" dir="ltr">Looks like Coinbase bulls are gunning for those November 2021 highs. <a href="https://twitter.com/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$COIN</a><br><br>If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> can make a new ATH, seems likely. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fa99.png" alt="🪙" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/bOrz4zbwgq" rel="noopener noreferrer nofollow">pic.twitter.com/bOrz4zbwgq</a></p>— TrendSpider (@TrendSpider) <a href="https://twitter.com/TrendSpider/status/1772297398078840913?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 25, 2024</a>
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  “It looks like Coinbase fans are aiming for the November 2021 highs. $COIN <br> If $BTC can reach a new ATH, that seems likely.”
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<p>At the heart of cryptocurrency transactions, Coinbase International Exchange sees its figures explode, signing an <strong>exceptional performance</strong>. In March, daily transaction volumes neared an incredible peak of <strong>six billion dollars</strong>. A rapid ascent marked by shattered records and growing demand.</p>
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   Daily volume Coinbase – Source: <a href="https://www.theblock.co/data/crypto-markets/futures/coinbase-international-daily-volume" target="_blank" rel="noopener noreferrer nofollow">The Block</a>
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<p>This upward trend is not by chance, as pointed out by the analysis from <a href="https://www.cryptopolitan.com/fr/l-39-activite-commerciale-de-coinbase-atteint-de-nouveaux-sommets/" target="_blank" rel="noopener noreferrer nofollow">CryptoPolitan</a>. It stems from the market’s clear response to the <strong>availability of a reliable and regulated international trading platform</strong>. A Coinbase spokesperson highlighted the importance of this growth, putting the exchange in a favorable position for continued expansion and possibly even overtaking Binance.</p>
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<p>But that’s not all. Simultaneously, the price of Coinbase shares is soaring. A surge of more than 10% in 24 hours, 44% in February, and 346% last year, propelling the stock to over $280. A trend that reflects the <strong>strength of the cryptocurrency market</strong>, registering a spectacular growth of more than 61% since the beginning of the year.</p>
<p>However, despite this remarkable performance, the stock remains below its <strong>historical high of November 2021 which set its price at $381</strong>. Nevertheless, this progress demonstrates a growing interest in the cryptocurrency market and the crucial role played by Coinbase in facilitating international exchanges for its clients.</p> 
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<h2 id="h-a-spectacular-comeback-in-the-crypto-markets">A Spectacular Comeback in the Crypto Markets</h2>
<p>The last quarter of 2023 has been most generous for Coinbase, the American cryptocurrency giant, as noted by <a href="https://decrypt.co/217726/coinbase-q4-2023-crypto-exchange-posts-profit" target="_blank" rel="noopener noreferrer nofollow">Decrypt</a>. According to the Q4 results, the San Francisco-based company realized <strong>a considerable profit of 273.4 million dollars</strong>, reversing what was once a losing trend. A notable financial metamorphosis since that same time last year the company reported a staggering loss of 557 million dollars.</p>
<p>The secret of this transformation? Coinbase has taken advantage of the interest generated by its stablecoin USD Coin (USDC), registering a vertiginous increase of about 18%, for an impressive amount of 171.6 million dollars.</p>
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<p>But the good news doesn’t stop there. The exchange has also lightened its financial burden by <strong>reducing its debt by 413 million dollars</strong>. A feat praised by investors, as Coinbase’s shares surged shortly thereafter, a sign of regained confidence.</p>
<p>This upswing is partly due to the general improvement in the cryptocurrency market. With the soaring value of bitcoin throughout 2023, driven by the much-anticipated arrival of cryptocurrency ETFs, Coinbase has <a href="https://www.cointribune.com/coinbase-le-roi-inconteste-des-etf-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">capitalized on this trend</a> by providing custody services and other offerings to numerous bitcoin issuers.</p>
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<h2 id="but-the-sec-prevails-over-coinbase-crypto-under-surveillance">But… the SEC Prevails Over Coinbase: Crypto Under Surveillance</h2>
<p>According to the latest probes by <a href="https://u.today/sec-scores-major-win-against-coinbase?utm_source=coingecko&amp;utm_content=coingecko&amp;utm_campaign=coingecko&amp;utm_medium=coingecko&amp;utm_term=coingecko" target="_blank" rel="noopener noreferrer nofollow">U°Today</a>, the United States Securities and Exchange Commission scored <strong>a partial victory against Coinbase</strong>, the American leader in cryptocurrencies. The decision allows the SEC to pursue Coinbase, claiming that its program involves the unregistered sale of securities.</p>
<p>This is <a href="https://www.cointribune.com/en/regulation-crypto-coinbase-loses-against-the-sec/" target="_blank" rel="noopener noreferrer nofollow">a blow for Coinbase</a> which sought to dismiss the action. The SEC maintains that <strong>certain cryptocurrencies on Coinbase are securities</strong>. Judge Polk Failla questioned the agency’s interpretation of the law but dismissed Coinbase’s request, citing a sufficient plea from the SEC.</p>
<p>The court’s decision was surprising, with analysts expecting a 70% likelihood of a Coinbase victory. Both parties are now preparing for a discovery phase.</p>

Crypto: Is Coinbase about to surpass Binance?

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