Coinbase (COIN) soars after Cboe announces new Bitcoin ETF deposits
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Coinbase (COIN) soars after Cboe announces new Bitcoin ETF deposits

Coinbase (COIN) sees its share price soar following the announcement of new Bitcoin ETF deposits by Cboe. Find out how this oversight-sharing agreement with Coinbase is driving optimism about Bitcoin ETF approval, and how it’s affecting COIN’s share price.

When Cboe recently signed a surveillance-sharing agreement with Coinbase for its spot Bitcoin ETFs, excitement swept through the market. Coinbase (COIN) shares soared to their highest level since August 2022. Investors welcomed the new filings, generating renewed optimism for the approval of Bitcoin ETFs.

The Chicago Board Options Exchange (Cboe) has filed revised applications with the Securities and Exchange Commission (SEC) for its Bitcoin cash exchange-traded funds. These applications have been amended to include a surveillance sharing agreement with Coinbase, the popular cryptocurrency exchange platform.

Coinbase (COIN) gained nearly 10%!

The surveillance sharing agreement between Cboe and Coinbase was concluded at the end of June, and covers Cboe’s Bitcoin spot ETF applications, such as Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares. According to experts, this collaboration boosts the chances of SEC approval for Bitcoin ETFs.

Eric Balchunas, analyst at Bloomberg Intelligence, estimates that the chances of approval for a Bitcoin spot ETF are now “50%”. Market surveillance is seen as a key element in securing approval from the SEC, which has expressed concerns about the potential risks of market manipulation.

The announcement had a significant impact on Coinbase’s (COIN) share price, which gained nearly 10% in a single day to reach $89.15. This is the highest level recorded since last summer. By 2023, COIN’s share price had more than doubled, boosting investor confidence.

However, it should be noted that COIN’s share rating was recently downgraded by Piper Sandler, mainly due to the current regulatory uncertainty and unpredictable earnings of the Brian Armstrong-led exchange. Despite this, the oversight sharing agreement with Cboe and the similar announcement with giant BlackRock have rekindled optimism and sparked growing interest in Bitcoin ETFs.

Investors and market watchers are now eagerly awaiting the SEC’s decision on the approval of Bitcoin ETFs. The agreement between Cboe and Coinbase opens up new possibilities for the adoption of these financial products, which could have a significant impact on the cryptocurrency investment landscape.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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