Cryptocurrency

Coinbase stock surges after Binance fee announcement, reaching highest level in a year and a half.

Coinbase Shares Hit 18-Month High After Binance Charges

Following the guilty plea of Binance and its former CEO Changpeng Zhao for money laundering and sanctions violations in the United States, crypto exchange Coinbase (NASDAQ:) shares have soared to an 18-month high.

On November 27, Coinbase closed at $119.77, its highest since May 5, 2022, when it closed at $114.25, according to TradingView data. The after-hours trading showed little movement.

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The Impact on Coinbase Share Price

The news of Binance’s guilty plea has had a significant impact on Coinbase’s share price, triggering a surge to an 18-month high.

Coinbase as the Custodian

Coinbase is the custodian of 70% of the 19 spot crypto funds, indicating its strong position in the cryptocurrency market.

The Future of Coinbase Shares

With the recent developments involving Binance, the future of Coinbase shares looks promising and continues to attract investor interest.

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