{"id":549478,"date":"2023-08-31T01:00:34","date_gmt":"2023-08-31T01:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=549478"},"modified":"2023-08-30T18:24:28","modified_gmt":"2023-08-30T18:24:28","slug":"coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory\/","title":{"rendered":"Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory"},"content":{"rendered":"

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has <\/span>emerged victorious<\/span><\/a> in its lawsuit against the United States Securities and Exchange Commission (SEC).<\/span><\/p>\n

On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a “consistent justification” for rejecting Grayscale\u2019s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US.<\/span><\/p>\n

The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to <\/span>CoinGecko data<\/span><\/a>, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week.<\/span><\/p>\n

Coinbase (COIN) Rally 15% After Grayscale\u2019s Win<\/span><\/h2>\n

The value of Coinbase\u2019s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day\u2019s opening price.\u00a0<\/span><\/p>\n

The crypto company\u2019s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to <\/span>Coinbase\u2019s stock information<\/span><\/a>. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021.<\/span><\/p>\n

Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening?<\/a><\/div>\n

This price jump is believed to have been triggered by the success of Grayscale\u2019s appeal against the United States SEC, as mentioned above. While the court\u2019s decision doesn’t automatically convert the asset manager\u2019s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. <\/span><\/p>\n

If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its <\/span>surveillance-sharing agreements<\/span><\/a> with some applicants, including the world\u2019s largest asset manager, Blackrock. <\/span><\/p>\n

These arrangements<\/span> aim to mitigate potential market manipulation risks – a concern raised by the SEC after the initial Bitcoin ETF submissions.<\/span><\/p>\n

Marathon and Riot Witness Surge In Stocks Price<\/span><\/h2>\n

Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale\u2019s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices.<\/span><\/p>\n

Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, c<\/span>ompanies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors.<\/span><\/p>\n

Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price<\/a><\/div>\n

According to TradingView, the value of MARA<\/a> soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day\u2019s trading session. Likewise, the RIOT<\/a> price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day.<\/span><\/p>\n

As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday’s (30th of August) trading session. Meanwhile, Riot Platforms’ stock has currently declined by 4% to trade at $11.8 per share.<\/span><\/p>\n

\"Coinbase\"<\/p>\n

Coinbase (COIN) stock price on the daily timeframe | Source: Coinbase Global chart on TradingView<\/a><\/pre>\n
Featured image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious in its lawsuit against the United States Securities and Exchange Commission (SEC). On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a “consistent justification” for rejecting Grayscale\u2019s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US. The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week. Coinbase (COIN) Rally 15% After Grayscale\u2019s Win The value of Coinbase\u2019s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day\u2019s opening price.\u00a0 The crypto company\u2019s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase\u2019s stock information. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021. Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening? This price jump is believed to have been triggered by the success of Grayscale\u2019s appeal against the United States SEC, as mentioned above. While the court\u2019s decision doesn’t automatically convert the asset manager\u2019s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements with some applicants, including the world\u2019s largest asset manager, Blackrock. These arrangements aim to mitigate potential market manipulation risks – a concern raised by the SEC after the initial Bitcoin ETF submissions. Marathon and Riot Witness Surge In Stocks Price Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale\u2019s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices. Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors. Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price According to TradingView, the value of MARA soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day\u2019s trading session. Likewise, the RIOT price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day. As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday’s (30th of August) trading session. Meanwhile, Riot Platforms’ stock has currently declined by 4% to trade at $11.8 per share. Coinbase (COIN) stock price on the daily timeframe | Source: Coinbase Global chart on TradingView Featured image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":539814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1379,1393,83928,89264],"class_list":["post-549478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coin","tag-coinbase","tag-marathon-digital-holdings","tag-riot-platforms"],"acf":[],"yoast_head":"\nCoinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory<\/title>\n<meta name=\"description\" content=\"Coinbase (COIN) and other crypto-related companies witnessed a significant rise in their stock prices following the recent Grayscale victory.\" \/>\n<meta name=\"robots\" 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory","url":"http:\/\/wncen.com\/news\/coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/bullchart.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/bullchart.jpg?fit=1200%2C645"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["coin","coinbase","marathon digital holdings","riot platforms"],"dateCreated":"2023-08-31T01:00:34Z","datePublished":"2023-08-31T01:00:34Z","dateModified":"2023-08-31T01:00:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\\u2019s Victory\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-coin-and-bitcoin-related-stocks-soar-grayscales-victory\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/bullchart.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/bullchart.jpg?fit=1200%2C645\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"coin\",\"coinbase\",\"marathon digital holdings\",\"riot platforms\"],\"dateCreated\":\"2023-08-31T01:00:34Z\",\"datePublished\":\"2023-08-31T01:00:34Z\",\"dateModified\":\"2023-08-31T01:00:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/bullchart.jpg?fit=1200%2C645","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549478"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/539814"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}