Coinbase (COIN) Stock Price Holds at Key Support Level
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On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a challenge to Coinbase, currently the leading cryptocurrency exchange in the US.
It is worth noting that CME already trades Bitcoin futures (since December 2017) and Ethereum futures (since February 2021). Is it possible for CME to launch spot cryptocurrency trading?
On one hand, interest in the cryptocurrency market has surged in 2024, with Bitcoin’s price up approximately 58% year-to-date, and around 146% over the past 12 months.
On the other hand, CME Group, as the world’s largest operator of exchange-traded derivatives, is considered a fundamental part of the US financial system. The SEC is unlikely to be favourable towards initiating cryptocurrency trading there, given their reputation for high risk.
Nevertheless, the sharp decline in Coinbase shares on Thursday did not continue into Friday.
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TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a challenge to Coinbase, currently the leading cryptocurrency exchange in the US.
It is worth noting that CME already trades Bitcoin futures (since December 2017) and Ethereum futures (since February 2021). Is it possible for CME to launch spot cryptocurrency trading?
On one hand, interest in the cryptocurrency market has surged in 2024, with Bitcoin’s price up approximately 58% year-to-date, and around 146% over the past 12 months.
On the other hand, CME Group, as the world’s largest operator of exchange-traded derivatives, is considered a fundamental part of the US financial system. The SEC is unlikely to be favourable towards initiating cryptocurrency trading there, given their reputation for high risk.
Nevertheless, the sharp decline in Coinbase shares on Thursday did not continue into Friday.
[You must be registered and logged in to see this image.]
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.