The Time is Right to Take Profits on Coinbase Shares
If you’re holding Coinbase shares, now may be the perfect time to cash in. As of now, COIN shares are trading at $128.46, their highest point all year. This surpasses the previous peak of $110.15 in July, which was fueled by optimism following a favorable ruling for Ripple and its SEC lawsuit.
While these current highs match the prices seen in May 2022, they still fall short of the all-time high of $342.98 reached during the November 2021 bull run when the global crypto market cap hit $3 trillion.
The performance of Coinbase stock has largely mirrored the volatility of the broader cryptocurrency market. When crypto prices rise, COIN benefits; when they fall, COIN suffers. Over the past month, however, COIN has significantly outperformed Bitcoin and Ethereum, gaining 72% and almost tripling its price since January 2023.
Coinbase Awaits Bitcoin and Ethereum ETF Decisions
Bitcoin has recently reclaimed $38,000 for the first time since last Friday, while Ethereum is trading at $2,063. Coinbase is eagerly awaiting news on Bitcoin and Ethereum spot ETF decisions as it is set to be a custodian or surveillance partner for several issuers, including BlackRock.
Ark Invest Sells Coinbase Shares and Buys Robinhood
Ark Invest, managed by Cathie Wood, has taken advantage of COIN’s bullish price action by selling $5.3 million worth of Coinbase shares and purchasing around $1.2 million worth of Robinhood shares. This move aligns with Wood’s strategy of regularly buying and selling COIN shares throughout the year to hedge her bets.
Robinhood, the crypto-friendly stock trading platform, has seen its shares closely track the traditional stock market. Ark Invest has previously added Robinhood shares to its ARK Next Generation Internet fund.
Hot Take: Time to Profit from Coinbase
With Coinbase shares reaching their highest point of the year, it’s a smart move to consider taking profits now. The stock’s performance has closely followed the volatility of the cryptocurrency market, and recent gains have outpaced Bitcoin and Ethereum. Additionally, Ark Invest’s decision to sell some of its Coinbase holdings in favor of Robinhood suggests a potential shift in focus within the industry. As always, it’s essential to monitor market trends and make informed decisions based on your investment strategy.
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