Coinbase's COIN Stock Soaring, Predicted to Exceed 400% Gains in 2023
Summary:
Coinbase, the leading American Bitcoin (BTC) exchange, is forecasted to see COIN gains exceeding 400% in 2023. The company's COIN stock hit $162 on Dec. 19, marking a 400% return since January. The future for cryptocurrency appears to continue veering "up," with traders anticipating approval of the U.S.'s first Bitcoin spot price exchange-traded fund (ETF). Additionally, Coinbase recently has participated in an $80 million fundraising project to back "pro-crypto" U.S. election candidates.
Coinbase, a prominent Bitcoin (BTC) exchange, is experiencing a significant surge in stock values, with potential 2023 gains for COIN predicted to exceed 400%. The latest data from Cointelegraph Markets Pro and TradingView depicts a prosperous week for America's leading cryptocurrency exchange, reaching its highest point in 20 months. Corresponding rises in Coinbase and Bitcoin have been noted throughout 2023, but the exchange's performance is setting it apart as the year draws to an end. On Dec. 19, the company's COIN stock achieved a record $162 value, marking an impressive 400% return on investment from the start of the year. Traders hotly anticipate further growth, looking forward to the possible sanctioning of the U.S.'s inaugural Bitcoin spot price exchange-traded fund (ETF).
In competition with Ether (ETH), the most eminent altcoin, Coinbase holds the lead, with an 85% increase in ETH/USD compared to the year's beginning. However, some investors, notably ARK Invest, are minimising their risks as COIN surges. Per the ARK Invest's official website, ARK Innovation (ARKK) ETF's COIN holdings have seen an approximate 11% decrease in December. Despite being the dominant element of ARKK's holdings, it remains largely below its combined cost basis of nearly $255.
Coinbase's CEO, Brian Armstrong, maintains a consistent optimism for rising crypto trends in the approaching year. Recently, his company joined other U.S. crypto participants in a nearly $80 million fundraising endeavour to back "pro-crypto" U.S. election candidates. Armstrong, in an interview with CNBC on Dec. 19, stressed the political implications of being anti-crypto in Washington, D.C. He also discussed the current challenges faced by Coinbase, which include the Securities and Exchange Commission's (SEC) denial for rules collaboration—the regulatory authority responsible for the ETF's approval. Armstrong summarised that Coinbase has a crucial role in all stages of the value chain in a future post-ETF landscape.
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Published At
12/20/2023 1:54:36 PM
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