Coinbase’s stock experienced a significant surge on Aug. 29 after reports emerged that a federal judge had ruled in favor of Grayscale in their SEC legal dispute. In the final moments of the trading session on Tuesday, Aug.29, the value of COIN stood at $85.13 per share, marking an increase of over 15% over the previous day’s close.The verdict, perceived as a victory for the cryptocurrency sector by investors, fuelled hopes of the potential arrival of a Bitcoin ETF in the financial landscape. Coinbase, the largest cryptocurrency exchange in the United States, has been chosen as the potential custodian and partner for sharing surveillance data to mitigate market manipulation risks and ensure the secure storage of the Bitcoin supporting the fund’s shares.At present, only cryptocurrency ETFs linked to futures contracts, enabling investors to speculate on future digital asset prices, are accessible within the United States. BlackRock, the world’s largest asset manager, joined numerous prominent applicants in June, vying for SEC approval. CEO Larry Fink noted strong demand from clients for cryptocurrency exposure.As of the time of writing, Bitcoin was priced at $27,982 per coin, marking a more than 7% increase in the past 24 hours, according to Coinmarketcap data. Despite this, the largest cryptocurrency by market capitalization remains significantly lower, nearly 60%, compared to its November 2021 peak of $69,044.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇦 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Bitcoin Trust, Larry Fink, Grayscale, SEC, Bitcoin ETF. |
| Companies | Bitcoin Trust, Coinmarketcap, BlackRock, Grayscale, U.S. Securities and Exchange Commission, Coinbase, Nasdaq |
| Currencies | Ethereum, US Dollar, Bitcoin, USD Coin, NADA Protocol Token |
| Securities | None |
