Coinbase Receives Upgrade in Rating from JP Morgan
Coinbase recently received an upgrade in its rating from JP Morgan, moving from underweight to neutral. This upgrade reflects a significant shift in the market dynamics, particularly with the prices of Bitcoin and Ethereum. The brokerage acknowledges the recent bull run in the crypto markets and positions Coinbase for a more positive outlook.
Bitcoin Price Surge Boosts Market Sentiment
After a prolonged period of subdued trading, the price of Bitcoin experienced a surge. The approval of spot Bitcoin ETFs solidified beliefs in the mainstream adoption of virtual currency. Despite initial doubts surrounding the legitimacy and investor interest in this financial asset, Bitcoin broke through its rangebound threshold and surpassed $50,000. At the time of writing, Bitcoin is valued at $52,196.31, with a market cap of $1.0 trillion.
Coinbase’s Upcoming Earnings Provide Insight
The release of Coinbase’s upcoming earnings on February 15th will provide valuable information about the broader crypto markets. Analysts predict a quarterly loss per share of $0.06, marking a significant increase from the previous year. Expected revenues are also projected to be 16.4% higher than the same quarter last year. Investors are particularly interested in whether Coinbase will swing to profitability and how the company anticipates future market conditions.
A positive outlook from Coinbase could create a favorable sentiment regarding the profitability and cash flow of the company. As one of the largest listed crypto firms, Coinbase’s views on the crypto markets can also provide insights into future trends for investors.
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