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Home»Altcoins»CEO of ARK Invest says the company is still bullish on Coinbase despite the sale of COIN shares
Altcoins

CEO of ARK Invest says the company is still bullish on Coinbase despite the sale of COIN shares

2023-07-18No Comments3 Mins Read
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Cathie Wood, the CEO of ARK Investment Management, has reconfirmed her optimistic stance on Coinbase, one of the leading cryptocurrency exchanges, despite ARK’s recent sale of COIN shares. Wood’s optimism follows Ripple’s partial victory over the Securities and Exchange Commission (SEC) on July 13.

This ruling, while not entirely in favor of Ripple, is seen as a positive development for the broader crypto industry, especially crypto exchanges. In addition, Wood’s confidence is consistent with other experts who believe this ruling could have significant implications for Coinbase and its ongoing legal battle with regulators.

Ripple Court Ruling: A Boost for Crypto Exchanges and Coinbase

The recent court ruling in favor of Ripple against the SEC has sparked backlash from the crypto industry. Cathie Wood, along with several industry experts, has praised the ruling and acknowledged its potential positive impact on Coinbase and other exchanges.

The court ruled that XRP tokens sold to retail investors on crypto exchanges were not securities, setting a precedent that could favor Coinbase and Binance in their legal disputes with the SEC.

Wood, in a video posted to Bloomberg’s Twitter account, emphasized that despite receiving a notice from Wells in March and a lawsuit from the SEC in June, Coinbase’s share price showed resilience, indicating the robustness of its share value.

The CEO’s optimistic comments come after ARK Investment Management recently sold a significant number of Coinbase shares, with three of its ETFs benefiting from the stock market’s rally. Despite these sales, Wood’s optimistic outlook on Coinbase remains unshakable.

Coinbase (COIN) stock price chart from TradingView.com

COIN price sitting at $106.75 | Source: Coinbase Global, Inc. on TradingView.com

The share price of the cryptocurrency exchange, which started the year at $33.60, is up more than 184%, reaching $105.55 at the time of publication. While industry players are increasingly optimistic about Coinbase, analysts from Berenberg Capital Markets warn that several regulatory challenges facing crypto exchanges have not yet been fully resolved.

See also  This new crypto - pre -sale could change an investment of $ 500 into $ 55k - this is why investors look

Regulatory concerns persist despite Coinbase’s resilience

Despite Coinbase’s strong performance and Wood’s optimism, regulatory uncertainties remain within the crypto exchange industry. Berenberg Capital Markets analysts highlight unresolved aspects of crypto exchange regulation, including concerns about Earning Coinbasea product that offers returns on crypto staking.

Judge Analisa Torres’ comments raise questions about Coinbase Earn’s possible classification as a security, indicating a need for more clarity in this area.

Nevertheless, Wood’s continued optimistic stance on Coinbase following the Ripple court ruling reflects her confidence in the exchange’s ability to successfully weather regulatory challenges.

It is also crucial to recognize that the evolving regulatory landscape and ongoing legal battle with the SEC require careful monitoring. Achieving clarity and resolution in the regulation of crypto exchanges remains essential to ensure the long-term stability and growth of the industry.

Featured image of Bankrate, chart from Tradingview.com



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