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HomeNewsBitcoin ETF Craze Lifts Coinbase: 12% Increase in Share Price Reflects the...

Bitcoin ETF Craze Lifts Coinbase: 12% Increase in Share Price Reflects the Trend

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  • Coinbase’s shares have surged 12% following the revelation of its partnership in spot Bitcoin ETF with financial giants such as Fidelity.
  • The cryptocurrency exchange will assist in monitoring market manipulation in the spot market, as noted in Fidelity’s revised Bitcoin ETF filing.

Renowned cryptocurrency exchange Coinbase experienced a 12% uptick in share prices in the wake of the announcement revealing its partnerships in spot Bitcoin Exchange Traded Funds (ETFs) with financial behemoths including Fidelity. The news sent ripples through the industry, following the wave of traditional financial players like BlackRock, who sparked intense competition with their own spot Bitcoin ETF filings.

Coinbase Rides the Bitcoin ETF Wave

The news of Coinbase’s involvement in the emerging Bitcoin ETF sphere has effectively altered its market trajectory, particularly following recent challenges. The past month has been volatile for Coinbase as it grappled with enforcement action from the US Securities and Exchange Commission (SEC), leading to industry perception shifts and overall performance decline.

However, with the recent disclosure of its association with Fidelity and other key players in the creation of Bitcoin ETFs, the tide appears to be turning in Coinbase’s favor. Notably, this positive shift saw Coinbase’s shares jump 12% in a day, marking a promising recovery for the company.

This 12% rise aligns with a robust surge of over 138% since the start of 2023, indicating a significant outperformance relative to the overall cryptocurrency market. For context, Bitcoin registered a modest rise of just 1.37% when Monday’s trading came to a close.

When Fidelity resubmitted its spot Bitcoin ETF filing on June 30th, the document highlighted Coinbase’s collaborative role. It underscored that the exchange would contribute towards monitoring potential manipulation in the spot market, as per reports by The Block. This collaboration seems to be a strategic response to address the SEC’s reported dissatisfaction with the initial filing, which raised concerns over inadequate market surveillance.

In this competitive landscape, where traditional finance giants are actively seeking a foray into the burgeoning crypto sector, Coinbase’s strategic partnerships position it favorably to leverage the unfolding opportunities, as evidenced by its share price surge. It’s clear that the transformative effect of Bitcoin ETFs on the industry is far from over, with many more exciting developments to come.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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