Coinbase stock price rises to highest value since May 2022

Coinbase stock reached a new annual high for the year, crossing figures last observed in May 2022.

After starting the month at $77, Coinbase rose to $116.4 today, an increase of 50%, according to TradingView. It's now trading at the highest price since mid-2022.

The stock's price is still much lower than during 2021 when it ranged from $220 to $350. It took a hit during early 2022 and hasn't recovered fully since then.

The exchange's stock has rallied at a time when the industry is poised to see the acceptance of a spot bitcoin ETF, with the SEC engaging closely with potential issuers.

The SEC has met recently with Grayscale Investments, over its plan to convert its flagship bitcoin trust to a spot bitcoin ETF, plus BlackRock and Nasdaq employees. Prospective spot bitcoin ETF issuers, such as Grayscale and Ark Invest, have also updated their prospectuses recently, showing further progress.

Binance's $4.3 billion fine

The recent highs also come following a $4.3 billion fine on one of its largest competitors, Binance, and the removal of its CEO Changpeng Zhao. Industry analysts have mixed opinions on whether Binance will be able to maintain its market share following the setback.

Crypto prices have reached recent highs, with Bitcoin surpassing the $38,000 mark, increasing by 4% today. Ether trades at $2,120, reflecting a similar 4% rise today.