Shares in Coinbase (COIN) Rally in June
– Coinbase shares perform well in June, with a +50% rally.
– BlackRock’s call for a spot ETF on bitcoin contributes to the strong performance.
– COIN rises from $52 to $71 in the last 15 trading days, recovering from the SEC lawsuit.
– Investment funds like Fidelity and Bank of America show interest in cryptocurrency trading.
– Coinbase shares are currently valued at $72.43 with a market capitalization of around $17 billion.
– If the $77 resistance is broken, the stock could potentially reach $100.
Coinbase (COIN) Shares Recover from 2022 Losses
– COIN shares lost around 85% of their value in 2022.
– The stock has doubled in price in 2023 and gained institutional interest.
– Analysts speculate that the recovery may be short-lived due to systemic risks in the crypto industry.
– Mark Palmer of Berenberg Capital Markets estimates a price target of $39 if the SEC wins its case against Coinbase.
– The outcome of the legal issues with the SEC could impact Coinbase’s revenue and the Nasdaq stock market.
Coinbase International Records $900 Million in Derivatives Trading
– Coinbase’s Bermuda-based subsidiary sees high volumes of derivatives trading.
– Between June 21st and 28th, $900 million in transactions were recorded with just two contracts.
– The international market’s strong start could boost Coinbase’s revenues and stock growth.
– Binance remains the leader in cryptocurrency derivatives trading with a volume of $444 billion in June.
– Resolution of legal issues with the SEC and growing institutional interest may narrow the gap between Coinbase and Binance.
Hot Take: Coinbase’s shares have shown strong performance in June, recovering from setbacks and gaining institutional interest. However, there are concerns about the stock’s long-term prospects due to systemic risks and ongoing regulatory tensions. Additionally, Coinbase’s international subsidiary is off to a promising start in derivatives trading, but faces competition from industry leader Binance. The resolution of legal issues and continued institutional interest could impact the future growth of Coinbase and the cryptocurrency market as a whole.
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