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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks

Scott Matherson
Scott Matherson
2 years ago
3 mins read
Coinbase

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Cathie Wood, the CEO of ARK Investment Management, has reaffirmed her bullish stance on Coinbase, one of the leading cryptocurrency exchanges, despite ARK’s recent sale of COIN stocks. Wood’s optimism comes in the wake of Ripple’s partial victory over the Securities and Exchange Commission (SEC) on July 13.

This ruling, while not entirely in favor of Ripple, has been viewed as a positive development for the broader crypto industry, particularly for crypto exchanges. Moreover, Wood’s confidence aligns with other experts who believe that this ruling could have significant implications for Coinbase and its ongoing legal battles with regulatory authorities.

Ripple Court Ruling: A Boost for Crypto Exchanges and Coinbase

The recent court ruling in favor of Ripple against the SEC has sparked reactions within the crypto industry. Cathie Wood, along with several industry pundits, has lauded the ruling, recognizing its potential positive impact on Coinbase and other exchanges.

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The court found 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 on Bloomberg’s Twitter handle, emphasized that despite receiving a Wells notice in March and facing a lawsuit from the SEC in June, Coinbase’s share price demonstrated resilience, suggesting the robustness of its stock value.

The CEO’s bullish comments come after ARK Investment Management recently sold a significant number of Coinbase shares, with three of its ETFs cashing in on the exchange’s rally. Despite these sales, Wood’s bullish outlook on Coinbase remains unshaken. 

Coinbase (COIN) stock price chart from TradingView.com

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

The cryptocurrency exchange’s share price, which started the year at $33.60, has surged over 184%, reaching $105.55 at the time of publication. However, while industry players increasingly express optimism toward Coinbase, analysts from Berenberg Capital Markets caution that various regulatory challenges for crypto exchanges are yet to be fully resolved.

Regulatory Concerns Linger Despite Coinbase’s Resilience

Despite Coinbase’s strong performance and Wood’s optimism, regulatory uncertainties persist within the crypto exchange sector. Berenberg Capital Markets analysts highlight unresolved aspects of crypto exchange regulation, including concerns about Coinbase Earn, a product that offers yield on crypto staking. 

The comments made by Judge Analisa Torres raise questions about the potential classification of Coinbase Earn as a security, signaling the need for further clarity in this area. 

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

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

Featured image from Bankrate, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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