In a surprising turn of events, Coinbase, the leading crypto exchange in the U.S., has witnessed a staggering 78% surge in its share price throughout November. Climbing from $71.88 per share to $128.27, the crypto giant achieved its highest value since April 2022.
The notable price action caught the attention of financial market experts and crypto enthusiasts alike. Among them is John Deaton, the founder of CryptoLaw and a well-known advocate for XRP.
Thus, according to Deaton’s vision, Coinbase’s share price may have the potential for an additional 16.94% upside.
Insiders and SEC
The green candles illuminating COIN’s price chart are seen as a direct response to the challenges faced by Coinbase’s main competitor, Binance, the world’s largest cryptocurrency exchange. Recent regulatory pressures led to the resignation of Binance’s CEO and a hefty $4.3 billion fine for the exchange.
While Coinbase is not immune to regulatory scrutiny, facing an ongoing legal battle with the U.S. SEC for over a year, the recent surge has prompted some insiders to capitalize on the rally.
Notably, Fred Ehrsam, cofounder and director of the exchange, reportedly seized on the opportunity to cash out, selling a substantial $9 million worth of shares.
🔸Coinbase co-founder and director Fred Ehrsam sells almost $9M in company stock
— *Walter Bloomberg (@DeItaone) November 28, 2023
As the crypto market continues to navigate regulatory hurdles and competitive dynamics, Deaton’s bullish stance on Coinbase suggests that there may be untapped potential in the rising share prices, making it a topic of considerable interest for investors eyeing the broader crypto landscape.
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