Coinbase Shares Advance After Bitcoin Hits $38K, Binance Settlement – Investopedia

Category: Binance

Key Takeaways

Coinbase Global (COIN) shares jumped as biitcoin (BTCUSD) traded at a 2023 high, and it appeared the firm has benefited from the recent legal problems for the worlds largest crypto exchange, Binance.

Data analyzed by on-chain research firm CryptoQuant reported by Coindesk suggests that Coinbases reserves of bitcoin have jumped recently, while theyve declined at Binance.

Earlier this week, Binance pleaded guilty to federal charges of money laundering. The company agreed to pay $4.3 billion in penalties, and founder and CEO Changpeng Zhao, known as CZ, also pleaded guilty and said he would step down.

Analysts indicated that another potential benefit to Coinbase is that the Binance legal decision may help pave the way for U.S. regulators to approve a Bitcoin exchange-traded fund (ETF).

Bitcoin traded above $38,000 for a short period before giving up some ground. It remained in positive territory at midday.

Shares of Coinbase Global were at their highest level since April 2022.

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Coinbase Shares Advance After Bitcoin Hits $38K, Binance Settlement - Investopedia

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November 24th, 2023
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