According to Forbes, the share price of cryptocurrency exchange Coinbase has experienced a sudden surge, following reports suggesting that the U.S. Securities and Exchange Commission (SEC) may soon change its stance on approving spot bitcoin exchange-traded funds (ETFs). This development has sparked increased interest in cryptocurrencies such as Bitcoin, Ethereum, BNB, and XRP.
Last month, BlackRock's spot bitcoin ETF filing lifted the prices of major coins, with many interpreting the move as a sign of the SEC softening its traditionally hostile attitude towards ETFs, potentially echoing the recent shift in posture from the International Monetary Fund (IMF) on bitcoin and crypto.
Analysts at Bernstein have stated that the probability of a U.S. spot bitcoin ETF being approved is fairly high, asserting that the SEC's opposition to a spot bitcoin ETF would be challenging to maintain. The refiled spot bitcoin ETF applications by BlackRock and Fidelity named crypto exchange Coinbase, contributing to its share price boost.
