Important news for Coinbase, which emerges as the fourth most traded stock in the UK according to data from Plus500, even above Apple and Meta. Below are all the details.
Summary
Coinbase is the most traded stock of Apple and Meta: the data
Coinbase was the fourth most traded stock by volume in the 12 months to April, even above Apple and Meta, according to data from global fintech group Plus500. Specifically, it is the only cryptocurrency company to rank among the top ten most traded stocks in the UK.
New data provided by +Insights, Plus500’s exclusive new trading feature, provides information on the most traded instruments on Plus500’s CFD trading platform over the past 12 months.
During the period from May to April, the most traded stock in the UK was Tesla, followed by Amazon and NIO as the second and third most traded stocks, respectively.
Coinbase thus ranks fourth. Importantly, no other cryptocurrency company appears in the top ten most traded stocks nationwide.
Moreover, among the ten most actively traded stocks in the UK over the past 12 months, most belong to technology and automotive companies, which occupy six of the positions.
Thus, 10 most actively traded stocks in the UK are: Tesla, Amazon, NIO, Coinbase, Meta (Facebook), Apple, Snap, Aurora, Rivian, and Uniper.
Respectively, the top ten stocks in the UK include three automotive manufacturing companies: Tesla, NIO, and Rivian; three technology stocks: Meta, Apple, Snap; one stock in the consumer discretionary sector: Amazon; one cryptocurrency company: Coinbase; one pharmaceutical company: Aurora; and one energy company: Uniper.
Finally, we see that compared to the most traded instruments in Australia, Germany, Italy, and the Netherlands, the United Kingdom is the only country to rank Coinbase in the top ten.
Coinbase is invited to move to Hong Kong as the lawsuit with the SEC develops
Hong Kong is offering Coinbase an opportunity to expand in the region as US regulators step up their regulation in the digital asset sector.
In fact, Johnny Ng, a member of the Hong Kong Legislative Council, said he is willing to help Coinbase and other digital asset companies relocate to Hong Kong:
This Twitter invitation came just days after the US Securities and Exchange Commission (SEC) filed a lawsuit against the leading cryptocurrency exchanges, Binance and Coinbase.
As we know, the SEC has accused Coinbase of securities violations and failing to register as a broker-dealer, while Binance has been accused of several violations.
In other words, as regulators in the United States step up their action, Hong Kong has taken steps to become more supportive of the cryptocurrency industry.
In addition, according to a Nikkei report, Hong Kong recently started a process to allow trading platforms and exchanges to obtain licenses through the Securities and Futures Commission (SFC) and planned to allow retail trading of digital assets by the end of the year.
Since 2018, Hong Kong has restricted cryptocurrencies to institutional investors and other professionals. Julia Leung, CEO of the Hong Kong Securities and Futures Commission, said on the matter:
“Hong Kong’s comprehensive virtual asset regulatory framework is based on the principle of ‘same business, same risks, same rules’ and aims to offer strong investor protection and manage key risks. This will allow the industry to develop sustainably and support innovation.”
According to the report, more than 80 companies have already expressed interest in obtaining a license.
Glassnode: investor reactions after SEC lawsuit against Coinbase and Binance
On Monday, Glassnode released a report analyzing the behavior of on-chain investors following legal action taken by the US Securities and Exchange Commission (SEC) against two of the world’s largest cryptocurrency exchanges.
Specifically, the report found an increase in the number of short-term cryptocurrency holders who are sending their balances to the exchanges.
These findings confirm what had already emerged last week: Binance experienced significantly higher withdrawals immediately after the SEC announced its lawsuit.
In fact, over the past 7 days, Bitcoin and Ethereum balances on the platform have decreased by 5.7% (40,200 BTC) and 7.1% (324,000 ETH), respectively.
Meanwhile, the balance of stablecoins on Binance was hit the hardest, registering a decrease of 20.9% ($1.6 billion) in the last week.
Since the FTX incident in November 2022, the balance of stablecoins on Binance has decreased dramatically by 75%, from $26 billion to only $6.5 billion today, mainly due to another action by the SEC against the BUSD stablecoin issued by Paxos.
On the other hand, Coinbase, which was sued the day after Binance for several securities law violations, reported relatively minor Bitcoin (BTC) withdrawals of only 2,300 BTC (0.5%).
However, Ethereum withdrawals were much more significant, reaching 291,000 ETH (8.0%), perhaps indicating increased investor concern about the staking service offered by the company.
