The Rise in Value of Coinbase Shares After Exceeding Profit Forecasts
Analysts at Coinbase have expressed increased optimism towards the crypto exchange after exceeding profit forecasts in the fourth quarter. This has triggered a rise in the value of the shares by up to 15% during pre-market trading. The increase in cryptocurrency prices is expected to generate positive impacts on the exchange’s revenues, leading to an upgrade in the stock valuation from “underperform” to “market perform”.
The Increase in Crypto Prices Expected as a Positive Catalyst for Coinbase’s Revenues
Coinbase announced its fourth-quarter results after market close, surpassing consensus estimates and catalyzing a 15% increase in pre-market trading. This led to updates by Wall Street analysts, with price targets being raised and ratings being upgraded based on the positive impact of increased cryptocurrency prices. However, some analysts remain cautious and maintain underperform ratings due to certain factors.
- KBW upgraded Coinbase’s rating from underperform to market perform.
- Wedbush raised the price target to $200 from $180, reiterating its outperform rating.
- Canaccord Genuity maintained a buy rating, raising the price target to $240 from $140.
- JMP Securities confirmed the outperform rating, raising the price target to $220 from $200.
- Mizuho Securities remains cautious with an underperform rating and a price target of $60.
Coinbase Adds Polkadot, Internet Computer, and NEAR Protocol to Futures Transactions
Coinbase International announced its intention to list altcoins Polkadot (DOT), Internet Computer (ICP), and NEAR Protocol (NEAR) in futures transactions. These altcoins will be included in futures markets starting from February 22, 2024. Despite the benefits derived from the current bullish trend of cryptocurrency prices, Coinbase still faces regulatory issues, particularly related to a lawsuit filed by the SEC for alleged operation as an unregistered stock exchange.
Coinbase Asks for a Correction to WSJ: Denies Accusations of ‘Crypto Terrorism’ Against Hamas
Coinbase’s Chief Legal Officer urged the Wall Street Journal to correct its reports regarding accusations of ‘crypto terrorism’ against Hamas. This request for rectification arose from statements by the US Treasury denying Hamas’ involvement in financing terrorism through cryptocurrencies. The Undersecretary of the Treasury for Terrorism and Financial Intelligence provided clarifications before the House Committee on Financial Services regarding alleged links between cryptocurrency payments and terrorist groups.
- The Treasury debunked previous claims about Hamas using tens of millions of dollars in cryptocurrencies for terrorist activities.
- Coinbase emphasized the importance of accurate reporting, especially on sensitive issues such as terrorism financing.
These developments showcase how changes in cryptocurrency prices can have significant impacts on crypto exchanges like Coinbase. It’s important for investors and traders to stay updated on such developments as they can influence investment decisions and market trends. As always, it’s crucial to consider all factors when making investment choices in the crypto space.
By
By
By
By