Coinbase’s Recent Stock Performance
Coinbase, the prominent cryptocurrency exchange, has seen a significant surge in its stock price, reaching its highest point in nearly 18 months. On November 27, Coinbase’s shares closed at $119.77, representing an 18-month high. In the last 24 hours, the COIN stock touched high and low points of $121.46 and $112.1828, respectively. This surge reflects a remarkable increase of around 257% on a year-to-date basis. However, it still falls short of its all-time high of nearly $353 in November 2021.
Why is Coinbase’s Stock Soaring?
Speculations are roaming about whether Binance’s $4 billion settlement might be the reason behind Coinbase’s soaring stock price. However, Coinbase CEO Brian Armstrong dismissed this claim in a recent interview with CNBC. He stated that there have been a few bad actors in crypto but believes that the recent enforcement action against Binance allows the industry to turn the page on that chapter and move forward. Armstrong emphasized that many companies in crypto are contributing to building the crypto economy and updating the global financial system.
John Deaton’s Perspective on Coinbase’s Stock
XRP lawyer John Deaton provided his perspective on Coinbase’s trajectory. While acknowledging the recent surge in the exchange’s stock price, he remains cautiously optimistic. Deaton highlights that just a few months ago, Coinbase’s stock was valued at only $45. He still believes that COIN is a worthwhile buy below $150 due to its previous low value.
Deaton’s comments reflect the nuanced nature of the cryptocurrency market, where legal challenges for one platform can lead to windfalls for another. As Coinbase faces its legal battle with the U.S. Securities and Exchange Commission (SEC), endorsements from industry figures like Deaton add an intriguing layer to the ongoing narrative of Coinbase’s resilience and potential for growth.
Hot Take: Microstrategy’s Soaring Stock
It’s not just Coinbase that is experiencing a surge in stock value. Microstrategy, a company known for its Bitcoin holdings, has also reached a new high of $520, marking its highest point since December 2021. This surge can be attributed to Microstrategy’s strategy of holding Bitcoin for the long term, which has proven to be profitable.
In conclusion, Coinbase’s stock price has surged to an 18-month high, reflecting investor confidence in the company’s strong financial performance and its position as a leading cryptocurrency exchange.
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