Coinbase
Bitcoin Price Tumbles; More Than 50% of Bitcoin Addresses Are Now in Loss
Valkyrie CIO Steven McClurg discusses his outlook for bitcoin (BTC) as it sinks below $16,000 and on-chain data shows most addresses holding BTC are losing money. Plus, reactions to Coinbase, MicroStrategy and other bonds tanking in the continued fallout of crypto exchange FTX.
Bitcoin Falls Below $16K; Coinbase Hits Lowest Price Since Going Public
Shares of Coinbase (COIN) hit their lowest price since the the U.S.-based cryptocurrency exchange went public in April 2021. The Grayscale Bitcoin Trust (GBTC) is drawing market attention after sister company Genesis Global Capital said its lending unit would halt customer withdrawals in the wake of the collapse of Sam Bankman-Fried’s FTX crypto empire, Bernstein said in a research report Monday.
Analyst Cuts Price Target for Coinbase in Wake of FTX Crash
Oppenheimer Senior Analyst Owen Lau cut his price target for Coinbase from $107 to $89 in the wake of FTX's implosion. "We are actually less optimistic for the industry in the near term," he said. Plus, Lau shares his long term outlook for the digital assets industry.
What FTX's Collapse Means for Coinbase
Shares of Coinbase skyrocketed over the past week since rival crypto exchange FTX filed for bankruptcy. Cathie Wood's ARK Investment Management ETF bought 238,000 more shares worth roughly $12.1 million. Oppenheimer Senior Analyst Owen Lau discusses the FTX collapse and whether it could be a positive development for Coinbase.
Why This Analyst Has a Buy Rating on Coinbase
Coinbase transaction revenue continues to be significantly impacted by macroeconomic and crypto market headwinds, which it expects to continue into 2023, as well as trading volume moving offshore, the company said in its shareholder letter. Needham & Co. Vice President John Todaro weighs in.
Coinbase CEO: USDC Could Become a ‘De Facto Central Bank Digital Currency’
Coinbase CEO Brian Armstrong predicts that USDC will likely "end up being kind of a de facto central bank digital currency in the U.S.," he said on the crypto exchange's earnings call. Needham & Co. Vice President John Todaro weighs in.
Coinbase Expects Crypto Headwinds to Continue Next Year
Crypto exchange Coinbase (COIN) cut its third-quarter losses by 50% to $545 million from $1.1 billion in the second quarter, the company reported Thursday. Needham & Co. Vice President John Todaro discusses the lingering macroeconomic and crypto headwinds. Plus, insights on Coinbase CEO Brian Armstrong’s USDC outlook.
Coinbase Files to Back Ripple’s Case Against the SEC
Crypto exchange Coinbase has petitioned a federal court for permission to file a friend-of-the-court (amicus) brief in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De discusses the latest on the lawsuit.