August 30, 2023 10:33 AM | 1 min read
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Coinbase Global, Inc. (NASDAQ: COIN) shares are trading marginally higher during Wednesday’s session, following Tuesday’s strength. Shares of several crypto-related stocks have gained this week following a Tuesday report suggesting the U.S. federal appeals court ruled the SEC was wrong to reject Grayscale’s spot bitcoin ETF application.
See Also: Grayscale Bitcoin Trust Rockets Higher: Is Crypto Winter Over?
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Why It Matters
The ruling that the SEC was wrong to reject Grayscale’s spot bitcoin ETF application might be interpreted as a positive development for the cryptocurrency industry as a whole. This could lead to increased optimism among investors, especially those interested in companies operating in the crypto space.
A favorable ruling in relation to a bitcoin ETF could suggest a growing acceptance of cryptocurrencies by regulatory bodies. This could result in renewed interest from institutional and retail investors in both cryptocurrencies and companies that are involved in their trading, like Coinbase.
Price Action
Coinbase Global provides financial infrastructure and technology for the cryptoeconomy.
Coinbase is trading higher by 1% at $85.51 per share.
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