Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin
Summary
Coinbase shares fell 8% to $202.49 after reports of CME offering spot bitcoin trading. Cryptocurrencies rose, with the CoinDesk 20 Index up 0.91% in 24 hours. Bitcoin increased by 0.5% due to a better-than-expected inflation report. COIN is up 29% year-to-date. CME, a major futures exchange, may challenge Coinbase's position as the most trusted crypto exchange in the U.S. CME is the largest bitcoin futures exchange by open interest in the U.S. Traders are interested in regulated marketplaces due to distrust in crypto exchanges. Spot bitcoin ETFs attracted over 500 institutions, with over $10 billion allocated in the first three months.
