As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I must say that the recent surge in Coinbase’s stock price is indeed intriguing. Having followed the regulatory battles between Coinbase and the SEC for quite some time now, the prospect of a more favorable administration towards the crypto industry is undeniably enticing.
On November 11th, the stocks of Coinbase Inc., a cryptocurrency exchange, experienced an increase of over 20%, marking the first time since 2021 that their shares broke the $300 barrier.
Cryptocurrency stocks in the U.S. have experienced significant increases following Donald Trump’s triumph in the presidential election, with some speculating that his presidency could be advantageous for the sector, according to CryptoMoon Research.
According to Michael Miller, an analyst at Morningstar Inc., it’s predicted that Coinbase could benefit from the election outcomes due to its ongoing regulatory issues with the SEC. Specifically, the company has been engaging in legal battles against the SEC.
Miller stated that as the upcoming Donald Trump administration may have a more positive stance towards the cryptocurrency sector, our staking business could experience reduced regulatory scrutiny.
Indirectly speaking, if the attitude towards cryptocurrencies becomes more lenient, it could very well boost the value of these digital currencies.
Related: Galaxy Digital clocks biggest trading day of year on US election day: Report
In an article published on the X platform on November 6th, Coinbase’s CEO, Brian Armstrong, stated that the crypto sector received strong backing from the victorious presidential candidate.
Armstrong stated that the nation unequivocally rejected the efforts by Senator Warren and Gary Gensler, which were attempted for numerous years with an alleged intention to illegally undermine our cryptocurrency industry. Furthermore, he expressed that the upcoming Congress will be particularly supportive of cryptocurrencies, making it the most pro-crypto Congress in history.
In Q3 of 2024, Coinbase announced revenues amounting to $1.2 billion and a profit of $75 million.
According to a shareholder letter dated October 30, Coinbase is concentrating on establishing some essential components that could potentially assist in bringing approximately one billion people into the blockchain network.
During the third quarter, we saw substantial development in several key components. For instance, we’ve been working on incorporating stablecoins into various products and expanding our Base network, which is our scaling solution for blockchain transactions.
On November 5th, the cryptocurrency trading company, Galaxy Digital, experienced its busiest trading day of the year, with heightened interest in crypto following Donald Trump’s election win.
According to a report from Bloomberg, Michael Novogratz, the CEO of Galaxy, stated that our business was running at full capacity, engaging in transactions with partners domestically and internationally, providing loans, and managing derivatives.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
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2024-11-11 23:00