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Coinbase's stock price surges after Binance's forced departure from the US

Coinbase's stock price rose by 4% on Monday, reaching its highest level since April 2022 and increasing the year-to-date rally to 260%. The surge in price is attributed to Binance's forced departure from the US, which has resulted in Coinbase's CEO becoming 20% richer. Despite the recent increase, Coinbase's shares are still down 70% from their November 2021 high. Analysts believe that the crypto market can now focus on positive developments such as regulatory clarity and the potential approval of a bitcoin ETF, and that Coinbase may benefit from its overseas derivative trading business and its role as a broker for a U.S.-approved bitcoin ETF. Other pandemic-era market favorites, including Shopify, Roku, and Affirm Holdings, also hit 2023 highs on Monday, but are still down more than 50% from their 2021 peaks. Binance CEO CZ has stepped down as part of a $4 billion settlement with the US, while Binance's Changpeng Zhao has managed to maintain his multibillion-dollar fortune despite a guilty plea.

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