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Shares of Coinbase (Nasdaq: ), one of the biggest regulated crypto exchanges, rose over 44% over the past 30 days amid the latest fueled by growing excitement over spot exchange-traded funds (ETFs). Recent investment firm Compass Point from $145 to $200 on Coinbase’s stock joining other analysts warming up to the exchange’s growth potential.
Spot Bitcoin ETFs Hype a Major Catalyst for BTC Rally
In the face of recent challenges in the crypto landscape, most notably the due to regulatory heat, Bitcoin’s (BTC) uptrend remained intact.Notably, the flagship cryptocurrency blasted above the psychological $40,000 threshold earlier this month, driven by growing expectations of an imminent spot Bitcoin ETF approval. If sanctioned, it would mark the first time such a fund is approved in the US. Spot Bitcoin ETF is a financial instrument whose value is directly tied to BTC and would further increase the mainstream and institutional adoption of the biggest crypto asset. This week, crypto enthusiasts celebrated another small victory after BlackRock’s proposed spot BTC ETF received the ‘IBIT’ ticker, according to an on Monday with the SEC. BlackRock (NYSE: BLK), the world’s largest asset manager, is one of 13 Bitcoin ETF proposals being reviewed by the securities regulator.
Coinbase Up 355% in 2023; Some Analysts Think There’s More to Come
At the time of writing, Bitcoin’s price was just below $43,000, up around 15% in the past month. Propelled by rekindled investor optimism, the cryptocurrency’s rally boded well for all crypto-related stocks, notably Coinbase. Amidst the crypto market’s sharp rebound following an extreme downturn in 2022, a surge of more than 355% this year, outshining even the S&P 500’s best performers, (NASDAQ: NVDA). The company’s stock soared around 45% in the past month as cryptocurrencies rallied on positive ETF developments.Furthermore, the recent regulatory hurdles encountered by Binance, resulting in Chanpeng Zhao’s resignation, worked in favor of Coinbase. The San Francisco-based cryptocurrency exchange stands out as the sole platform with an unsullied reputation amid these challenges.It is difficult to claim that Coinbase will extend its current momentum into 2024. Although the impending Bitcoin ETF approval and expected rate cuts could act as further catalysts for crypto assets, there is always a factor of uncertainty due to their volatile nature. Still, some analysts remain bullish on COIN. Earlier in the month, Needham analysts to $160 from $120. More recently, Compass Point raised its price objective on the stock from $145 to $200, implying a potential upside of more than 30% from its current level. More By This Author:
Coinbase Stock Is Up 44% Over Last 30 Days As Bitcoin ETF Hype Grows
