The current position of cryptocurrency exchange Coinbase does appear to be winning. Still, this week the trading platform filed a lawsuit against the US Securities and Exchange Commission. With it, the company wants to force the regulator to respond to a petition that was sent to it back in the summer of 2022. At that time, Coinbase employees asked the SEC to develop and implement adequate rules to regulate digital assets, as well as answer 50 questions that should make the digital asset management situation more transparent and clear.

However, the regulator has not bothered to respond to the document for a full nine months, even though it is legally obliged to do so. That is actually why the company has filed a lawsuit.

That said, H.C. Wainwright is not the only bank whose employees have shared a positive outlook for the digital asset market. The day before, analysts at Standard Chartered also announced the end of the bearish trend in the cryptocurrency market. In addition, they predicted the growth of Bitcoin to a record $100,000 as early as next year.

When cryptocurrencies will start to rise

Columnes noted the rapid rise in the price of Bitcoin since the beginning of this year – the value of the major cryptocurrency has risen by more than 70 percent in the aforementioned period. As such, the asset is attracting the interest of investors, who see even greater prospects in it.

The appreciation of the asset and the positivity in the cryptocurrency market has had a generally good effect on Coinbase shares – they are now trading around $54.40, although back at the beginning of the year the value per share was hovering around $33.60.

Colonnais added that Coinbase is “uniquely positioned to capitalise on a large and rapidly growing industry”. And that’s given the fact that Coinbase is the largest publicly traded cryptocurrency exchange in the world. The bank’s experts expect the platform to grow its market share throughout 2023.

It is worth recalling that the Coinbase cryptocurrency exchange now accounts for about 50 percent of trading volume in the U.S. market. This has been increased from 40 percent throughout 2022, with large new traders brought in by lower commissions. Here is the corresponding graph of the change in the market share of players in the US market.

According to Cointelegraph sources, the analyst also shared his target for COIN growth. According to his version, the stock should rise to at least the $75 line by the end of this year, which is almost 40 percent higher than the current value of the securities.

Speaking of securities – their regulation is the cause of the current conflict between Coinbase and the US Securities and Exchange Commission (SEC). The latter sent the exchange a so-called Wells Notice in March 2023, i.e. a warning that the regulator had completed an investigation and was theoretically preparing to take legal action against the company. Coinbase CEO Brian Armstrong has previously confirmed that the exchange will assert its rights in court, although in theory it could also move to another country.

Litigation is the only obstacle to COIN’s growth so far this year. Otherwise, the exchange is doing well, as it has a stable user base of more than 100 million verified customers around the world, among other things. In addition, 884 large institutional investors have invested in Coinbase.

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Meanwhile, the Hong Kong Securities and Futures Commission (SFC) has reached an important milestone in controlling the crypto market – the regulator will issue a set of rules on the licensing system for crypto projects in May. Hong Kong SFC director general Julia Leung said the city’s consultation process on the regulatory framework for cryptocurrencies is ongoing, with more than 150 reports received so far from industry experts.

The new regulatory framework should come into force by 1 June, CryptoSlate reported. It will also require cryptoplatforms to register with city authorities. Most importantly, with the new regulations in place, licensed exchanges will be able to offer retail crypto trading of the most popular digital assets to traders without any concerns of breaking the law.

It’s all part of the authorities’ plan for Hong Kong to become the financial hub of the crypto market in Asia. Two local crypto exchanges, represented by Hashkey and OSL, are already offering cryptocurrency trading services under the supervision of the Hong Kong SFC.

Other trading platforms could follow, primarily because of the city’s proposed banking sector support for cryptocurrency firms. And that’s a serious bonus for those companies, which the day before had problems dealing with banks in the US.


We think such statements about the end of cryptozyma are logical enough. After all, Bitcoin set its record value at $69,000 in November 2021, almost a year and a half since then. In addition, during that time, the market has had time to clean up due to the collapse of unscrupulous players like Celsius and FTX. Accordingly, a move to the coin accumulation stage and a full-blown bullrun would look sensible enough.