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The price of Bitcoin has reached a new high in 2023, causing Coinbase Global (COIN) shares to skyrocket. This surge in price is believed to be a result of Binance’s recent legal troubles. COIN’s price has been performing well in line with the overall positive trend in the cryptocurrency space, led by Bitcoin. In fact, COIN has been soaring for five consecutive days and has reached a four-month high of $114.4. Looking at the daily chart, it appears that this rebound is part of a rising channel, indicating that the asset is poised for another surge. The Nasdaq-listed Coinbase stock has also reached an 18-month high, and the prices of Ethereum and Bitcoin are on the rise as well. At the time of writing, a COIN share is valued at $115.75, up nearly 7% in the last 24 hours. Just one month ago, COIN was worth $82 per share, making its current value over 40% higher. Coinbase’s success can be attributed to its solid track record and strong compliance-first approach, especially in contrast to rivals like Binance, which have faced legal issues. Binance recently admitted guilt in federal court for money theft and agreed to pay fines of $4.3 billion, with the founder and CEO, Changpeng “CZ” Zhao, also admitting guilt and announcing his resignation. This news has somehow benefited Coinbase, as reflected in its positive performance. Analysts believe that the Binance legal ruling could also work in Coinbase’s favor by potentially making it easier for US regulators to approve a Bitcoin exchange-traded fund (ETF). A Bitcoin ETF is an investment trust fund that allows buyers to benefit from Bitcoin price changes without actually owning the cryptocurrency. It functions like a regular stock on a stock market, enabling investors to buy and sell shares that represent ownership in the Bitcoin ETF. As COIN continues to surge and approaches the $117 mark, speculation arises about the possibility of it reaching $150. This impressive rally demonstrates the platform’s resilience and market confidence. Investors are closely watching to see if this upward momentum will continue, potentially propelling Coinbase to new heights.