- Coinbase stock price has reached its highest price since the middle of 2022.
- However, the current stock price is still much lower when compared to the 2021 range.
Coinbase stock price has hit a new all-time high for the year, surpassing levels not seen since May of 2022. According to MarketWatch, Coinbase increased significantly, from $77 at the beginning of the month to $116.93. It has reached its highest price since the middle of 2022.
Compared to 2021, when it fluctuated between $220 and $350, the current stock price is still much lower. It suffered a setback in 2022’s early months and hasn’t completely recovered since.
The stock price of the exchange has risen as the sector anticipates the SEC’s approval of a spot bitcoin exchange-traded fund (ETF). The Securities and Exchange Commission (SEC) recently met with representatives from Grayscale Investments, BlackRock, and Nasdaq to discuss their proposal of a spot bitcoin ETF. Aspiring spot bitcoin ETF issuers, like Grayscale and Ark Invest, have also amended their proposals lately, demonstrating more development.
Binance Fiasco
Binance founder and CEO Changpeng Zhao (CZ) has resigned and pleaded guilty to violating US anti-money laundering rules, dealing a severe blow to the cryptocurrency sector.
In addition, CZ paid $50 million of the $4.3 billion settlement, making it one of the highest business fines in US history. This is happening precisely one year after the defunct FTX cryptocurrency exchange shut down.
Binance CEO Changpeng Zhao resigned from his position, saying he would “take responsibility for the benefit of the community and the exchange.” The position of CEO has been filled by Richard Teng, previously the Global Head of Regional Markets.
Whether or not Binance will be able to keep its market share after the setback is a matter of debate among industry observers.
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