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Coinbase shares soar after federal decision in favor of Grayscale

Coinbase shares rose significantly on August 29 after a federal judge ruled in favor of Grayscale in the SEC lawsuit.
In the final moments of the trading session on Tuesday, August 29, the COIN value settled at $85.13 per share. More than 15% increase from the previous day’s close. Coinbase, the largest cryptocurrency exchange in the United States, has been listed on the Nasdaq since 2021.
On August 29, a federal court ruled that the U.S. Securities and Exchange Commission failed to provide a coherent justification for rejecting Grayscale’s request to convert the Bitcoin Trust into a traditional Bitcoin ETF.

Increase in Coinbase listings. Source: Coinbase

perceived as a decision The victory of the cryptocurrency industry For investors, it has raised hopes for the potential arrival of the Bitcoin ETF in the financial landscape. Coinbase selected among candidates to promote Bitcoin ETF potential data repository and surveillance data sharing partner.
As a result, the San Francisco company will commit to sharing data on trade, purchase and sale transactions, and customer identification. This collaborative effort aims to reduce the risks of market manipulation and provide secure storage of Bitcoins, which form the basis of the fund shares.
The spot Bitcoin ETF is not yet listed in the US due to the SEC’s reluctance to approve it. They are currently available in the country cryptocurrency ETFs linked to futures contracts onlyIt allows investors to speculate about the future prices of digital assets.

Related: SEC to decide next week whether to approve 7 Bitcoin ETFs

But investors are looking for an investment vehicle that provides direct exposure to Bitcoin. BlackRock, the world’s largest asset manager, joined several prominent candidates vying for SEC approval in June. CEO Larry Fink saw strong customer demand for cryptocurrency exposure.
According to the data, at the time of this writing, Bitcoin is trading at $27,982 per coin, up more than 7% in the last 24 hours. Coinmarket capitalization. However, the largest cryptocurrency by market cap remains significantly lower by almost 60% from its November 2021 peak of $69,044.

Translation of Walter Rizzo

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