The rise in the cryptocurrency market continues to affect the performance of company shares in the crypto services sector. According to TradingView data, the publicly traded shares of Coinbase, the US-based cryptocurrency exchange, reached the highest level since May 2022, reaching the highest level of the year.
According to TradingView data, Coinbase started November at $77 and reached $116.4 per share as of November 24, showing a 50% increase. This level represents the highest price seen since mid-2022.
The Coinbase share price, which traded between $220 and $350 in 2021, is now at a much lower level. The share experienced a significant correction in early 2022 and has not fully recovered since then. This correction in Coinbase shares coincides with the expectation of the SEC approving a spot Bitcoin ETF application, indicating the interest of SEC officials in potential crypto companies.
Recently, the SEC has held discussions about converting Grayscale Investments, BlackRock, and Nasdaq employees to a spot Bitcoin ETF, as well as updating application reports by potential spot Bitcoin ETF issuers Grayscale and Ark Invest, showing progress in their efforts.
Recently, after the $4.3 billion fine imposed on Binance, one of Coinbase’s biggest competitors, and the removal of CEO Changpeng Zhao from his position, there was a significant increase in the Coinbase stock price. Bitcoin, along with developments in the crypto market, reached its highest levels recently by surpassing the $38,000 mark with a 4% increase on November 24. However, at the time of writing, Bitcoin was trading at $37,756.