Home
News
- 1 Coinbase has a considerable majority of Bitcoin ETF assets held within Coinbase’s custodial solutions.
- 2 Bitcoin is constantly spreading its feet over the market, and as of writing, it is trading at $51,658; it has a market dominance of 52.34%.
- 3 It is crucial to note that before the release of Q4 2023 earnings and revenue, a significant growth in the COIN stock price was observed.
Coinbase Global Inc., a leading company in the crypto space, has recently reported its Q4 2023 earnings and revenue. The company registered a profit, which backed the growth of the COIN stock.
Brian Armstrong, a renowned crypto enthusiast and the Chief Executive Officer of Coinbase, recently disclosed thrilling insights into the considerable majority of Bitcoin ETF assets held within Coinbase’s custodial solutions.
Coinbase holds the second rank in the ranking of centralized cryptocurrency exchanges; the company offers its services to 103 million verified users and has a monthly active user base of 9 Million.
Moreover, the exchange is a giant in its industry, but now the question arises: can a single entity hold a massive chunk of Bitcoin ETF assets?
Since its approval in January 2024, the Bitcoin spot ETF has accumulated $37.29 Billion in assets under Management (AUM), a further positive momentum is expected to continue in the trading price of Bitcoin.
Before approving the Bitcoin spot ETF, it faced 16 rejections from the United States Securities and Exchange Commission. Following the approval of spot ETF, market analysts started claiming that BlackRock and some other giant companies fully backed the approval.
However, Bitcoin is constantly spreading its feet over the market, and as of writing, it is trading at $51,658; it has a market dominance of 52.34%. Many other traditional banks have expressed interest in offering custodial solutions for cryptocurrencies.
Coinbase (COIN) Stock Price Update
It is crucial to note that before the release of Q4 2023 earnings and revenue, a significant growth in the COIN stock price was observed.
COIN’s stock price grew more than 8.84% on February 16. It opened at $178.80 after hitting a high of $193.64 and closed trading at $180.31. In the weekly time frame, more than 25% growth is observed in the Coinbase stock.
Coinbase Global Inc. has a market capitalization of $43.68 billion, a slight growth of 4.99% seen following the recent financial release.
Crypto Market Update
Almost every sector of the cryptocurrency market has shown impressive growth in the past few months. However, the adoption rate has grown significantly following the approval of the Bitcoin spot ETF.
Since the past few days, the market capitalization has been trying to achieve the milestone of $2 Billion. Still, on February 17, a decline turned the market cap to $1.93 Trillion.
Bitcoin, the pioneer of the cryptocurrency market, is flourishing and has recently crossed the much-awaited milestone of $50k; when writing, it was trading at $51,723. Despite the continuous growth in the price market, analysts still claim that Bitcoin will continue to grow.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
