Coinbase stock surpasses a 400% return in 2023

The CEO of Coinbase rejects political pressure and the coming Bitcoin ETF decision as a $200 stock price sits on the horizon. Exchange Bitcoin BTC for $43,830.Coinbase is experiencing a stock recovery, with a maximum of 2023 COIN gains exceeding 400%.

COIN emerges as the leading cryptocurrency choice.

According to data from Cointelegraph Markets Pro and TradingView, the largest crypto trading platform in the United States achieved 20-month highs this week. Coinbase and Bitcoin have climbed in tandem in 2023, but as the year comes to a close, the exchange’s performance appears to be in a league of its own. On December 19, the company’s COIN stock surpassed the $4 mark. Now, traders believe in a further upside as markets prepare for the likely approval of the first U.S. spot Bitcoin exchange-traded fund (ETF).

Even when compared to the largest altcoin, Ether ETH $2,215, Coinbase has outperformed, with ETH/USD up roughly 85% since the beginning of the year.

 Some, such as investing behemoth ARK Invest, have lowered their holdings as COIN rises. COIN holdings in the firm’s ARK Innovation (ARKK) ETF have declined roughly 11% in December by itself, according to data from ARK CEO Cathie Wood’s official website. While the holdings remain ARKK’s largest component, they remain well below its aggregate cost basis of just under $255.

Armstrong asserts that opposing cryptocurrency is deemed “bad politics.”

Despite this, Coinbase CEO Brian Armstrong thinks that the only path for cryptocurrency in 2024 is higher. The CEO of Coinbase dismisses political pressure and the impending Bitcoin ETF decision as the stock price approaches $200.This week, the firm joined several other US crypto firms in a nearly $80 million fundraising effort to promote “pro-crypto” US election candidates. 

“I think it’s time to make sure that people know being anti-crypto is just bad politics in D.C.,” he told CNBC in an interview on Dec. 19.

Further present obstacles for Coinbase include a rejection of a rule-making partnership by the authority in charge of approving the ETF, the US Securities and Exchange Commission.

“Coinbase has a role to play in all aspects of the value chain here,” he summarized about the exchange’s appeal in a post-ETF environment.