NEW YORK, July 3 (Reuters) – Shares of Coinbase (COIN.O), the largest U.S. cryptocurrency platform, jumped 13% on Monday after exchange operator Cboe (CBOE.Z) said it was working with the cypto company in its effort to launch a spot bitcoin exchange-traded fund.
Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF.
Cboe sought to address SEC concerns that its original filing did not name the crypto-trading platforms that would help it detect fraud in the underlying bitcoin markets, Reuters reported citing a person familiar with the matter.
The SEC had also raised the same concerns with Nasdaq (NDAQ.O) over a similar recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said.
The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. The ETF industry is trying to find a way to address that concern.
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Coinbase shares closed up 11.7% at $79.93 on Monday, and have more than doubled this year.
Bitcoin , the world’s largest cryptocurrency, jumped to a more than one-year high last month after BlackRock (BLK.N) and Fidelity filed to launch bitcoin ETFs.
Those filings came weeks after the SEC sued Coinbase and Binance, alleging violation of its rules, in a significant regulatory crackdown on the digital asset sector. The pair deny the allegations.
Bitcoin was trading at $31, 029, up 1.32% while Ethereum, the world’s second-largest cryptocurrency, rose 1.94% to $1,964.
Reporting by Chibuike Oguh in New York; Editing by Michelle Price and Conor Humphries
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Our Standards: The Thomson Reuters Trust Principles.
Chibuike Oguh
Thomson Reuters
Chibuike reports on mostly large U.S.-based private equity firms, including Blackstone, KKR, Carlyle, and Apollo. He previously worked at Bloomberg News, and holds master’s degrees in journalism from New York University and Edinburgh Napier University.
Contact: 332-999-6154
DogecoinDOGE/USD and Shiba InuSHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.
Cryptocurrency
Price
Market Cap
24-Hour Trend
7-Day Trend
Dogecoin
$0.3923
$57.6 Billion
+2.8%
+5.3%
Shiba Inu
$0.00002496
$14.7 Billion
+4.2%
+3.1%
Trader Notes: Analysts see bullish potential for the top two meme coins.
Crypto chart analyst Ali Martinez predicts a potential rally for Shiba Inu, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.
Trader Javon Marks highlights SHIB’s daily chart with a possible bull pattern confirmation. A breakout target of $0.000081—216% above current levels—could see SHIB surge more than 200%.
For Dogecoin, Altcoin Sherpa notes the recent correction as not bearish, seeing opportunities for buyers with another leg up expected soon.
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Crypto Amsterdam observes DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.
Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.
Statistics: IntoTheBlock Data shows:
Large transaction volume increasing for DOGE (+41.1%) and SHIB (+44.9%).
Daily active addresses rising by 34.9% for DOGE and 10.7% for SHIB.
SHIB transactions above $100,000 up from 332 to 399 in one day.
Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21.
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Image: Shutterstock
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World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.
Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.
The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.
The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.
Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.
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Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.
In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.
Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.
While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.
After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.
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The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.
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