Bitcoin Price Prediction Rallies as Coinbase Profits Soar, ETFs Drive $1T Market
Bitcoin price prediction continues to be bullish amid Coinbase Global’s revelation of its first quarterly profit in two years, buoyed by the SEC’s approval of Bitcoin ETFs, underscores a significant moment for the cryptocurrency market.
This development, alongside a 57% surge in Bitcoin’s price in Q4 2023, propelled Coinbase’s transaction revenue up by 64% to $529.3 million.
The enthusiasm surrounding Bitcoin ETFs and the anticipated increase in institutional investments have catalyzed optimism for Bitcoin’s future price trajectory.
As Coinbase projects further growth, the crypto market’s valuation soaring past $1 trillion signals a pivotal shift in Bitcoin’s journey towards widespread financial integration and investor confidence.
Coinbase Global Inc. has reported its first quarterly profit in two years, marking a significant turnaround in its financial performance. This achievement comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin exchange-traded funds (ETFs), sparking renewed interest in the cryptocurrency market.
The approval led to a substantial 57% increase in Bitcoin’s price in the fourth quarter of 2023, contributing to a 64% rise in Coinbase’s transaction revenue, which reached $529.3 million.
Crypto exchange Coinbase posts first profit in two years on robust trading https://t.co/z1DPft2KIj pic.twitter.com/oPRMuFPqwh
— CNA (@ChannelNewsAsia) February 15, 2024
The company’s success in the last quarter has set a positive tone for its future, with projections for its subscription and services division’s revenue to fall between $410 million and $480 million in the coming quarter.
A significant portion of this revenue growth in Q4 can be attributed to stablecoin transactions,
Read more on cryptonews.com
