Is there something about Coinbase that nobody has revealed? Despite attempts to diminish the crypto exchange, it has consistently improved. However, the Securities and Exchange Commission has recently issued legal accusations against the exchange.
Their alleged crime was that they were an unregistered crypto exchange selling securities to their customers. When scenarios like this happen, the expected outcome is usually the stocks of that particular company going down the drain.
But it seems Coinbase is built differently. A recent Coinbase stock forecast shows its shares have been doing quite well for a company with a gigantic court case. Not only are Coinbase stock doing well, but it is also standing toe to toe with some of the biggest cryptocurrencies in the market.
Starting with some Bitcoin-related stocks, they aren't doing badly, just that Coinbase stocks seem to have an edge over them. Here goes the bitcoin miner Core Scientific (CORZ), which recorded 1,140% gains to $0.87 per share. But things haven't been going quite well with the parent company of CORZ.
Although they declared bankruptcy last December, they appear to be strategizing for a significant resurgence. However, the stock still has a considerable distance to climb. Previously, it had been appraised at over $1 billion. CORZ has decreased by 56% in the last year and more than 90% since its launch in 2021.
A stock called Cipher Mining (CFIR) is related to Bitcoin, and it has been performing exceptionally well in the market. The rise in Bitcoin's price since the start of the year has significantly made this stock profitable. In fact, its year-to-year data shows an increase of over 600%.
TeraWulf (WULF) is another Bitcoin stock that is doing wonders. There's something unique about this particular one. It was the stock that debuted the first nuclear-powered Bitcoin mining facility. And it has been up by more than 384%
Based on the statistics, the results have been both wild and impressive. If you had invested in Bitcoin stocks, excluding CORZ, you would have gained over 250% as a stock trader. This is particularly noteworthy, given the challenging state of the stock market throughout most of the year.
Coinbase Still Topping Despite Increases
Coinbase (COIN) has been quite impressive this year. Given the legal situation in which it finds itself, it is quite a miracle that it has made much progress this year. While you marvel at Coinbase's performance, don't forget it is the only publicly-listed US crypto exchange. When the year started, Coinbase was initially trading at less than $35, and now it is trading at more than $101 at the time of writing.
Coinbase has even received quite some praise from fellow industry leaders. The largest asset manager, BlackRock, said Coinbase could become the custodian of their spot Bitcoin ETF which they filed last month.
Blackrock spot Bitcoin ETF application is still the talk of the crypto industry as it represents a lot of rings. The Securities and Exchange Commission approving their spot ETF application might lead to an expansive bull market.