The stocks of crypto companies like Coinbase (COIN) are in goldilocks as Bitcoin price has exceeded $72,000. The pioneering digital asset is gaining strength above its previous all-time high of $69,000 after multiple failed attempts to break the key level last week.
This has resulted in a strong demand for Coinbase stock, as it is the biggest cryptocurrency exchange in the United States. The company carried an IPO during 2021’s bull run, and its shares tanked very hard in the bear market as BTC hit $15.5k. However, the stock has shown an incredible recovery from the bear market lows and has been in a continuous uptrend for the last 12 months. Since the start of 2024, the shares of the crypto giant have been up 51%, which depicts investor confidence in what many consider to be a blue-chip crypto company.
On March 11, Coinbase stock price opened at 270.08, which was nearly 5% higher than last week’s closing price. However, the shares had a pullback as the benchmark indices slipped 0.25-0.30% in the early hours of the first trading session of the week. A major headwind for Coinbase Inc. is the firm’s ongoing legal battle with the SEC.
A recent ruling in the SEC’s Coinbase insider trading lawsuit reveals that some secondary sales of crypto tokens can be considered securities. Analysts believe this ruling might impact the SEC’s ongoing lawsuits against Binance and Coinbase.
