Coinbase (COIN) Price Suddenly Soars High! What's Happening?

<p>&nbsp;BlackRock's new Bitcoin ETF filing has benefited the price of Coinbase ($COIN) significantly. In its latest filing on Monday, Nasdaq, the listing designated Coinbase Global Inc. as its partner for surveillance sharing arrangements. Some market participants theorize that this partnership could be an important factor in securing SEC clearance for the BlackRock Bitcoin ETF.</p><p><br /></p><p>COIN's share price has increased by 12% as a result of the action, and the crypto market has continued its upward trend. Several fund managers, including BlackRock, were required to resubmit their ETF applications after the SEC said that the procedures put in place by Nasdaq and the Chicago Board Options Exchange (Cboe) on their behalf were "inadequate."</p><p><br /></p><p>The ongoing effort to secure approval for the country's first Bitcoin Exchange Traded Fund (ETF) has generated increasing interest from institutional investors.</p><p><br /></p><p><br /></p><p>If the BlackRock Bitcoin ETF is approved, Nasdaq "expects to receive market data for orders and trades from Coinbase," which will be used to monitor trades.</p><p><br /></p><p>The reapplication significantly increases the likelihood that the SEC will approve the BlackRock-backed Bitcoin ETF. According to experts, the SEC should not accuse Coinbase of running an illegal enterprise because governments and major organizations use it to access cryptocurrency liquidity.</p><p><br /></p><p>As the crypto market stabilizes in 2023, Coinbase shares have enjoyed a strong trend. Compared to the crypto market, which has increased about 52% in the same period, COIN has increased more than 140% since the beginning of the year.</p>