Bitcoin Shatters the $50,000 Ceiling – The Crypto World Goes Wild
It’s been almost two years. Bitcoin finally knocked the $50k mark, sending shockwaves through the entire crypto ecosystem. The market opened on the New York exchange and the digital gold surged over 4.0%, trading around $50,300.
Coinbase Gets a Boost
As Bitcoin’s price climbed, Coinbase – the first crypto company to hit the NYSE – had a pulse‑quickening jump of more than 3.5%. Shares hit the $150.00 zone, a staggering 170% rise from a year‑ago price of about $55.00.
But it’s not just Bitcoin that’s behind Coinbase’s success. The new launch of spot Bitcoin ETFs in the United States has turned the market into a competitive battlefield. Coinbase emerged as the primary custodian for eight of the eleven ETFs issued, giving it a pivotal role in market dynamics.
- Bitwise
- Ark Invest
- WisdomTree
- Invesco
- Valkyrie
- BlackRock
- Franklin Templeton
- Grayscale
Only Fidelity, VanEck, and Hashdex chose other custodians to keep their BTC safe.
Other Digital Giants Ride the Wave
Marathon Digital Holdings Inc. jumped 14%, trading at $27.20 per share. MicroStrategy Incorporated followed suit, up 11% and reaching $715.00 per share.
ETFs and Institutional Interest
The SEC’s approval of spot BTC ETFs in January 2024 cleared the path for major institutions to step into the crypto arena. This move has accelerated Bitcoin’s growth and amplified the performance of all related companies.
Stay tuned — Coinbase will release its Q4 2023 earnings report on Thursday, February 15 , 2024, with analysts forecasting an EPS of $0.044 and revenue of $826.69 million.
