Coinbase Stock Price Reaches New High in 2022 | Binance CEO Resigns
Summary
The stock price of Coinbase has reached its highest level since mid-2022, although it remains much lower than its range in 2021. Meanwhile, Binance CEO Changpeng Zhao has resigned and pleaded guilty to violating US anti-money laundering rules, leading to uncertainty about the future of the cryptocurrency exchange.
Introduction
The stock price of Coinbase, one of the leading cryptocurrency exchanges, has hit a new all-time high for the year. Despite this positive development, the current price is still significantly lower compared to its range in 2021. On the other hand, Binance, another major player in the crypto industry, is facing challenges as its CEO resigns and pleads guilty to violating anti-money laundering rules in the US.
Main Points
- Coinbase’s stock price has surged to its highest level in 2022, reaching $116.93, which is the highest since mid-2022. However, when compared to its price range in 2021, which fluctuated between $220 and $350, the current price is still considerably lower.
- The anticipation of the approval of a spot bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) has contributed to the rise in Coinbase’s stock price. Discussions between the SEC and major players in the industry, such as Grayscale Investments, BlackRock, and Nasdaq, have taken place, and amended proposals for spot bitcoin ETFs have been submitted.
- In contrast, Binance, one of the largest cryptocurrency exchanges, is facing a setback as its CEO, Changpeng Zhao, has resigned and pleaded guilty to violating US anti-money laundering rules. CZ has paid $50 million of the $4.3 billion settlement, making it one of the largest fines in US business history. The future market share of Binance is uncertain following this development.
Conclusion
The stock price of Coinbase has reached a new high in 2022, but it remains below the levels seen in 2021. The expectation of the approval of a spot bitcoin ETF by the SEC has contributed to the rise in price. On the other hand, Binance is facing challenges as its CEO resigns and faces legal consequences. The future of the cryptocurrency exchange is uncertain in the wake of these events.
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