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XRP Lawyer John Deaton Recommends Buying Coinbase (COIN) Shares – Crypto News

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3 years ago

November 28, 2023

Dripp

In a surprising turn of events, Coinbase, the renowned cryptocurrency exchange, has witnessed an impressive surge, reaching a new high in nearly 18 months. Meanwhile, this surge follows legal troubles for rival Binance, which recently pleaded guilty to money laundering and sanctions violations in the U.S.

In the midst of these developments, XRP Lawyer John Deaton shares insights on Coinbase’s stock and its potential, emphasizing its value proposition even as the crypto landscape undergoes seismic shifts.

Coinbase’s Soaring Stock Amid Binance Legal Woes

Coinbase, a leading player in the cryptocurrency exchange realm, has experienced a remarkable upswing, hitting an 18-month high in the wake of legal troubles for its competitor, Binance. Meanwhile, the Coinbase’s shares (COIN) closed at $119.77 on November 27, marking its highest point since May 5, 2022.

In addition, the COIN stock has touched a high and low of $121.46 and $112.1828 in the last 24 hours, as per Nasdaq data. Meanwhile, the recent surge in the exchange’s stock price represents a staggering of around 257% increase on a year-to-date (YTD) basis. However, it is worth noting that despite the recent jump, the COIN stock still lags behind its all-time high of nearly $353 in November 2021.

Meanwhile, the catalyst for Coinbase’s recent climb stems from Binance and its founder, Changpeng “CZ” Zhao, pleading guilty to money laundering, violating U.S. sanctions, and operating an unlicensed money-transmitting business. Notably, the settlement between Binance and the U.S. government amounted to $4.3 billion, leading to CZ stepping down as CEO and Binance agreeing to compliance monitors for up to five years.

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John Deaton’s Perspective on Coinbase’s Potential

Notably, XRP Lawyer John Deaton provides a unique perspective on Coinbase’s trajectory. Despite the significant surge, he expresses cautious optimism, pointing out that Coinbase’s stock was a mere $45 just months ago.

However, despite the fluctuations in Coinbase’s stock, Deaton maintains confidence in its investment potential. He emphasizes the COIN’s previous low value and expresses a continued belief in its attractiveness, asserting it’s a worthwhile buy below $150.

“Hard to imagine Coinbase stock (COIN) was $45 months ago. I still believe it’s a buy below $150.”

Meanwhile, Deaton’s comments reflect the nuanced nature of the cryptocurrency market, where legal challenges for one platform can result in windfalls for another. As Coinbase navigates its legal battle with the U.S. Securities and Exchange Commission (SEC), the endorsement from industry figures like Deaton adds an intriguing layer to the ongoing narrative of Coinbase’s resilience and potential for growth.

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