Coinbase Global Inc. ($COIN) Stock Forecast: Up 5.5% Today

What is Coinbase Global Inc.?

COIN (Coinbase Global Inc) is a leading cryptocurrency exchange platform that allows users to buy, sell, and store various cryptocurrencies. The company went public in April 2021 through a direct listing on the NASDAQ.

Why is Coinbase Global Inc. going up?

COIN stock is up 5.5% on Sep 12, 2024 14:06

• Coinbase's launch of cbBTC, a new ERC20 token backed by Bitcoin held in its custody, has sparked excitement in the DeFi space, showcasing the company's commitment to expanding Bitcoin's utility.
• The introduction of cbBTC comes amidst a broader trend of increasing institutional interest in cryptocurrencies, as highlighted by a significant investment in Coinbase stock from Ark Invest.
• By tapping into the growing DeFi market and offering innovative solutions like cbBTC, Coinbase is positioning itself as a key player in the evolving crypto ecosystem, driving bullish momentum in its stock price.
• This strategic move also demonstrates Coinbase's adaptability and willingness to explore new avenues for growth, which has likely contributed to the strong bullish movement in COIN's market today.

COIN Price Chart

COIN News

Coinbase Launches cbBTC, Bridging Bitcoin To Ethereum And Base Networks - Coinbase Glb ( NASDAQ:COIN )

Crypto exchange Coinbase COIN on Thursday announced the launch of Coinbase Wrapped BTC ( cbBTC ) , a new ERC20 token backed 1:1 by Bitcoin BTC/USD held in Coinbase's custody. What Happened: This move aims to expand Bitcoin's utility within the decentralized finance ( DeFi ) ecosystem.

https://www.benzinga.com/markets/cryptocurrency/24/09/40829437/coinbase-launches-cbbtc-bridging-bitcoin-to-ethereum-and-base-networks

Coinbase Launches Wrapped Bitcoin Token Following BitGo WBTC Controversy

The leading exchange puts forward cbBTC as a formidable new option in the DeFi space.

https://decrypt.co/248997/coinbase-launches-wrapped-bitcoin-token-following-bitgo-wbtc-controversy

Coinbase launches 'cbBTC' wrapped Bitcoin digital asset

The exchange announced that cbBTC is now available in the United Kingdom, Australia, Singapore, and all US states except New York.

https://cointelegraph.com/news/coinbase-launches-wrapped-bitcoin-product

Cathie Wood's Ark Invest Continues To Sell Palantir - Offloads $6.4M Worth Of Shares, Loads Up On Coinbase Stock Amid Bitcoin Rebound - ARK Fintech Innovation ETF ( ARCA:ARKF )

On Wednesday, the Cathie Wood-led Ark Invest made some significant trades, with Coinbase Global Inc COIN and Palantir Technologies Inc PLTR being the most prominent.

https://www.benzinga.com/markets/equities/24/09/40825098/cathie-woods-ark-invest-continues-to-sell-palantir-offloads-6-4m-worth-of-shares-loads-up-on-coi

Behind the Scenes of Coinbase Glb's Latest Options Trends - Coinbase Glb ( NASDAQ:COIN )

Investors with a lot of money to spend have taken a bullish stance on Coinbase Glb COIN. We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga. Whether these are institutions or just wealthy individuals, we don't know.

https://www.benzinga.com/insights/options/24/09/40821405/behind-the-scenes-of-coinbase-glbs-latest-options-trends

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Coinbase Global Inc. Price History

20.07.2024 - COIN Stock was down 5.3%

• The bearish movement in COIN today can be attributed to several factors:
• Coinbase CEO Brian Armstrong's focus on payments as the main driver of mainstream crypto adoption may have raised concerns about the company's revenue streams or growth prospects.
• The overwhelming global response to former Coinbase CTO Balaji Srinivasan's Network School may have shifted investor attention away from Coinbase, impacting its stock price negatively.
• The rise in premarket trading of other tech stocks like Palo Alto and Tesla, while COIN fell, could have led to a sector rotation out of cryptocurrencies and into traditional tech companies.
• The split affiliation of young crypto voters in US swing states, as highlighted by research commissioned by Coinbase, may have added to the uncertainty surrounding the regulatory environment for cryptocurrencies, affecting investor sentiment towards Coinbase.

04.08.2024 - COIN Stock was down 7.6%

• Despite positive advancements in AI-to-AI crypto transactions, the market movement of COIN today suggests a bearish sentiment.
• Outreach from the Trump campaign and Kamala Harris campaign to crypto enthusiasts may have created uncertainty or mixed reactions among investors, leading to a sell-off of COIN shares.
• The successful execution of the first AI-run crypto trade by Coinbase may have raised concerns about the potential impact of automation and AI in the cryptocurrency market, triggering a bearish trend.
• The limited window for single-issue crypto voters to decide between the presidential candidates could have added volatility to the market, contributing to the bearish movement of COIN.

30.07.2024 - COIN Stock was down 5.1%

• The bearish movement seen in COIN today could be linked to various factors:
• Listing new altcoins for futures trading did not shield COIN from the prevailing negative market sentiment towards cryptocurrencies, resulting in a decline in its stock price.
• Comparisons made between COIN and other cryptocurrency stocks, such as Marathon Digital, have potentially highlighted weaknesses or concerns specific to Coinbase, affecting investor confidence.
• Dollar General's recent disappointing earnings report and financial challenges faced by lower-income consumers may have had a broader negative impact on the market, reflecting on COIN's performance.
• The notable fundraising by Bridge, a stablecoin-based payments network, backed by significant investors, might have temporarily diverted investor attention from Coinbase, leading to a downward impact on its stock price.

22.07.2024 - COIN Stock was up 5.1%

• The positive news surrounding Coinbase's support for POL on Polygon and Ethereum, leading to double-digit gains in MATIC, likely contributed to the bullish movement in COIN stock today.
• Investor confidence in COIN's future prospects may have been boosted by the significant influence of Coinbase and Ripple in the 2024 U.S. elections, with crypto companies collectively contributing $119 million.
• Despite concerns over regulatory issues due to the political donations from crypto firms, the market appears to be focusing on the potential growth opportunities and industry partnerships being developed by Coinbase.
• The ongoing lawsuit targeting Binance as a facilitator for bad actors might have indirectly benefited Coinbase, as investors potentially view it as a more compliant and secure platform in comparison.

03.08.2024 - COIN Stock was down 5.0%

• Coinbase's recent introduction of the first AI-to-AI crypto transaction signifies the platform's dedication to incorporating artificial intelligence into cryptocurrency trading practices.
• The successful implementation of AI-managed cryptocurrency trades by Coinbase underlines the platform's commitment to pioneering technological boundaries in the cryptocurrency realm.
• This significant advancement might have prompted investor apprehensions regarding the impact of AI-driven trading on market dynamics, leading to a downturn in COIN stock prices as traders evaluate the potential risks and rewards associated with such developments in the industry.

21.07.2024 - COIN Stock was up 5.1%

• The positive sentiment about COIN stock today may be influenced by the favorable outlook on the company and the cryptocurrency market in general.
• DePIN Media Network PTK launching on Coinbase's Base platform to bring transparency to movie-making could have illustrated Coinbase's broadening range of services beyond traditional crypto trading.
• The introduction of ENS subnames through a Dutch auction on Base might have enticed more users to join the platform, thus improving its user base and overall attractiveness.
• Coinbase CEO Brian Armstrong's emphasis on payments as a key factor in mainstream crypto adoption could have boosted investor confidence in the company's future growth prospects.

06.08.2024 - COIN Stock was down 8.6%

• The bearish movement in COIN today could be attributed to the overall market uncertainty and volatility surrounding regulatory changes in the cryptocurrency space.
• Despite positive news such as presidential candidates showing support for crypto and super PACs accepting cryptocurrency donations, the FBI warning about North Korean hackers targeting Bitcoin and Ethereum ETFs may have raised concerns among investors.
• The conflicting reports about the stance of political figures like Kamala Harris and the Trump campaign on cryptocurrencies could have added to the market's uncertainty, leading to a sell-off in COIN.
• Investors may be cautious about the potential impact of regulatory changes and cybersecurity threats on Coinbase's operations and profitability, contributing to the bearish trend in the stock today.

23.07.2024 - COIN Stock was up 5.7%

• The positive movement of COIN possibly resulted from Coinbase Prime signing a custody agreement with Ethena Labs, which broadens its services in the cryptocurrency market.
• Sony's venture into the Web3 field by launching its Layer-2 blockchain, Soneium, may have boosted the general blockchain and crypto market sentiment, indirectly influencing COIN.
• The optimism surrounding a potential US Fed rate cut and its potential effects on the cryptocurrency stock market might have also played a part in the bullish trend of COIN, with expectations of enhanced corporate liquidity and increased investment in cryptocurrencies.

27.07.2024 - COIN Stock was down 5.9%

• The bearish movement in COIN stock today could be attributed to a securities class action investigation, raising concerns about potentially misleading business information provided by Coinbase to investors.
• Despite positive news such as Coinbase's initiatives in the art and lending markets, the shadow of a securities investigation may have overshadowed these developments, leading to a negative sentiment among investors.
• The rally in Bitcoin following signals of rate cuts by the Fed could have indirectly impacted COIN stock negatively, as investors might have shifted focus towards direct cryptocurrency investments rather than platforms like Coinbase.
• The warning against the Cthulhu Stealer malware targeting crypto wallets, although not directly related to Coinbase, could have added to the overall cautious atmosphere in the cryptocurrency space, impacting the sentiment around COIN stock.

27.07.2024 - COIN Stock was down 5.7%

• The bearish movement in COIN today could be attributed to a combination of factors:
• Allegations from a securities class action investigation against Coinbase for potentially providing misleading business information may have impacted investor confidence in the company's transparency and governance.
• The transfer of a significant amount of Bitcoin by the US government to a Coinbase Prime wallet has raised concerns about a potential sell-off, potentially influencing selling pressure on COIN shares.
• Despite Bitcoin's rally on hopes of a Federal Reserve rate cut, the negative sentiment prevailing in the cryptocurrency market might have also affected COIN's performance as a major crypto exchange platform.

06.08.2024 - COIN Stock was down 5.6%

• The news of Kamala Harris's super PAC accepting cryptocurrency donations could have led to uncertainty among investors, as the political implications of such a move are still unclear.
• The FBI warning about North Korean hackers targeting Bitcoin and Ethereum ETFs may have raised concerns about cybersecurity within the cryptocurrency industry, impacting investor confidence in related companies like Coinbase.
• The contrasting approaches of the Trump campaign and the Harris campaign towards cryptocurrencies, as highlighted by Coinbase's Legal Head, could have added to the market volatility surrounding COIN as investors try to assess the potential impact of political developments on the company's future prospects.
• Overall, the combination of political involvement in the cryptocurrency space, cybersecurity threats, and the upcoming election dynamics may have contributed to the bearish movement in COIN's stock price today.

12.08.2024 - COIN Stock was up 5.5%

• Coinbase's launch of cbBTC, a new ERC20 token backed by Bitcoin held in its custody, has sparked excitement in the DeFi space, showcasing the company's commitment to expanding Bitcoin's utility.
• The introduction of cbBTC comes amidst a broader trend of increasing institutional interest in cryptocurrencies, as highlighted by a significant investment in Coinbase stock from Ark Invest.
• By tapping into the growing DeFi market and offering innovative solutions like cbBTC, Coinbase is positioning itself as a key player in the evolving crypto ecosystem, driving bullish momentum in its stock price.
• This strategic move also demonstrates Coinbase's adaptability and willingness to explore new avenues for growth, which has likely contributed to the strong bullish movement in COIN's market today.