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- The COIN stock price shot up 12% in a day after BlackRock named it as a surveillance partner.
- Coinbase remains the preferred surveillance-sharing partner for several spot Bitcoin ETF applications. This pushed the COIN stock up by 60% in the last 20 days.
Despite the regulatory lawsuit by the U.S. Securities and Exchange Commission (SEC) last month, traditional financial players have chosen Coinbase (NASDAQ: COIN) as their preferred partner in the crypto space.
On Monday, July 3, the Coinbase (COIN) stock jumped by a strong 11.71% moving up all the way to $80. The COIN stock rallied after BlackRock announced Coinbase as its surveillance-sharing partner in its refining of the spot Bitcoin ETF application yesterday.
After BlackRock’s spot Bitcoin ETF filing last month, there have been multiple applications filed thereafter resulting in a strong BTC price rally. Big players like Fidelity, WisdomTree, Ark Invest, Galaxy, Digital, and others joined the race. A majority of these players have chosen Coinbase as its surveillance partner which brings a positive development for the crypto exchange.
Fidelity mentioned on June 30th that it worked together with Coinbase to refill its spot Bitcoin ETF. Fidelity acknowledged Coinbase’s assistance in keeping an eye on any potential manipulation happening in the spot market.
After the SEC filed the lawsuit at the beginning of June 2023, the Coinbase (NASDAQ: COIN) stock price took a dive to $50. However, it has recovered pretty fast since then. From its June 2023 low, the Coinbase (NASDAQ: COIN) stock is up by a staggering 60%.
It is already up by 37% over the past month and by 137% since the beginning of 2023. The strong recovery in the crypto market this year has also supported the strong rally in the COIN stock.
BlackRock Refiles for Spot Bitcoin ETF, BTC Price At 2023 High
On Monday, July 3, financial giant BlackRock refiled for the spot Bitcoin ETF with the US SEC through Nasdaq. On the other hand, other players have filed a similar application on behalf of Cboe.
Several companies, such as Fidelity Investments, Invesco, VanEck, 21Shares, and WisdomTree, have updated their applications to provide more details and explicitly mention Coinbase as their partner for surveillance-sharing agreements.
The filing shows that Coinbase represented nearly 56% of dollar-to-bitcoin trading on US-based platforms YTD. Just as BlackRock refiled its application on Monday, the Bitcoin (BTC) price surged to its new 2023 high of $31,350 extending its year-to-date gains to 90%.
Analysts have already started giving bullish price calls for Bitcoin from here onwards. According to Katie Stockton, founder and managing partner of Fairlead Strategies, Bitcoin has the potential to reach $36,000 from its current trading price of around $30,674.90. This optimistic prediction was shared during an appearance on CNBC’s “Squawk Box,” despite Bitcoin’s recent modest increase of only 0.7% over the past seven days.
Stockton bases her prediction on the recent base breakout on Bitcoin, which preceded a similar breakout in the equity markets. She also highlights a decline in the volatility index, which she sees as a signal for the upturn in both Bitcoin and the equity market.
