Coinbase Stock Reaches Highest Price Since May Crash
The stock of Coinbase, America’s largest cryptocurrency exchange, is experiencing a surge in price. COIN shares on the Nasdaq have reached their highest value since the Terra crash in May 2022. Currently trading at $115.75 per share, the price has increased by nearly 6% in the past day and came close to $117 per share on Friday. Over the last month, COIN has seen a significant rise of over 41%, starting from $82 per share.
Coinbase’s Resurgence after Terra Crash
San Francisco-based Coinbase has been publicly traded on the Nasdaq since 2021. The stock has now reached its pre-crash price in May 2022 when Terra collapsed, causing a bear market and bankruptcy declarations for many crypto projects associated with it. Terra was known for its popular ecosystem focusing on algorithmic stablecoins, with LUNA being one of the largest digital assets by market cap.
Crypto Market Recovery
While most digital coins and tokens struggled to regain their pre-crash prices after Terra’s collapse, Bitcoin and Ethereum are making a comeback. Bitcoin, the leading digital coin by market cap, surged past $38,000, while Ethereum nearly touched $2,131 on Friday.
Wall Street Firms Choose Coinbase
Coinbase is gaining attention as several high-profile Wall Street firms have selected it as their custodian or surveillance-sharing partner for spot Bitcoin exchange-traded fund (ETF) applications. Companies like BlackRock and Fidelity are interested in using Coinbase for their long-awaited investment products that would give traditional investors exposure to crypto through shares tracking digital asset prices.
Hot Take: Coinbase’s Stock Surges Amidst Crypto Market Recovery
As Bitcoin and Ethereum prices rebound, Coinbase’s stock is also experiencing a significant surge. The recent selection of Coinbase by prominent Wall Street firms for their Bitcoin ETF applications has likely contributed to the increased attention and confidence in the company. With its stock reaching the highest price since the Terra crash, Coinbase continues to solidify its position as a leading player in the crypto sphere.
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