The post Coinbase stocks soar amid Bitcoin hype appeared on BitcoinEthereumNews.com.

If there’s one entity that encapsulates the meteoric rise and influence of cryptocurrencies in our world today, it’s Coinbase. This dominant force in the cryptocurrency world witnessed a commendable 6% surge in its stocks this past Tuesday. The palpable optimism surrounding the highly anticipated approval of a Bitcoin spot exchange-traded fund has seemingly given Coinbase’s stock that much-needed boost. Riding the Waves of the Crypto Boom It’s undeniable: cryptocurrency is rewriting financial playbooks. The fervor surrounding digital currencies is making its mark, not just in the hearts and wallets of investors, but on stock tickers and trading floors. Shares of Grayscale’s Bitcoin Trust didn’t lag behind, showcasing a near 5% leap in trading on the very same Tuesday. This uptick came in the aftermath of a pivotal verdict from a federal appeals court. With the court’s insistence on the SEC reassessing Grayscale’s Bitcoin ETF proposition, it appears the tides might be turning for crypto-focused firms. Coinbase, with its stature as one of the premier crypto custodians, has its performance often shadowing the larger trends of the crypto domain. But this isn’t merely about the dance of numbers on stock exchange screens. The company’s expertise and dominance have led to collaborations with several potential ETF aspirants, including the heavyweight BlackRock’s Bitcoin ETF proposal. SEC’s Controversial Stance on Crypto Regulation There’s an undercurrent of tension, however, as Coinbase continually finds itself in the crosshairs of the U.S. Securities and Exchange Commission (SEC). The criticisms hurled at the SEC from both the crypto industry and Congressional corridors are hard to ignore. Many argue the SEC’s perceived “regulation-by-enforcement” strategy isn’t just stringent but also borders on the punitive. This standpoint, primarily following the FTX fiasco, suggests the SEC might be unduly targeting cryptocurrency exchanges. On the flip side, there are those who staunchly believe…

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Filed under: News - @ October 25, 2023 1:18 am