Stock Highlights: COINBASE @ COIN
📈 Coinbase shares have shown strong performance, rising from $46 in June to $150 in the second half of the year.
1/15/20241 min read
Stock Highlights: COINBASE @ COIN
- 📈 Coinbase shares have shown strong performance, rising from $46 in June to $150 in the second half of the year.
- 🔄 The rally is attributed to increased interest and volume in the cryptocurrency space, anticipating announcements of spot Bitcoin ETFs and the upcoming Bitcoin halving event in mid-April 2024.
- 📊 Twelve spot Bitcoin ETFs, awaiting SEC approval from companies like BlackRock and Fidelity, could boost Coinbase as it is the named custodian for nine of them.
- 💰 Coinbase would charge for custody services, potentially contributing to its revenue.
- 📆 The Bitcoin halving event in April 2024 is expected to bring heightened volume and volatility, affecting the broader cryptocurrency market.
- 📉 Although some increased interest is reflected in the current share price, charts suggest potential for further growth, with targets at $183 and $230.
- 📚 Caution and risk management are advised in cryptocurrency investments, especially considering the uncertainty around ETF approval and potential market reactions.
- 📊 Coinbase shares have broken above key moving averages, exhibiting a bullish setup on the weekly chart.
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