We Need To Talk About Coinbase

We have had the biggest cryptocurrency heist in history. $1.5 billion worth of Ethereum USD (ETH-USD) related tokens was lost from Bybit.

Coinbase (NASDAQ:COIN) has been a hot topic in the investment community recently, with several analysts weighing in on the stock's performance and future prospects.

One analyst, who holds a Long position in COIN, shared his thoughts on the recent earnings call, highlighting some key takeaways. Firstly, the analyst noted that management's tone was "positive and upbeat," which may indicate that the bottom in revenue has been reached. Additionally, the analyst pointed out that new products, such as ATOM futures and LINK derivatives, are being launched at a "good pace."

Another analyst, who is also Long COIN, highlighted the fact that the stock is down 50% from its highs and broke through a key technical level. This, according to the analyst, may open the door for further downside potential. However, the analyst also mentioned that there are some potential bullish factors to consider, such as the recent strength in crypto prices and the upcoming launch of spot Bitcoin ETFs.

A third analyst, who can trade COIN derivatives, highlighted the recent cryptocurrency heist where $1.5 billion worth of Ethereum (ETH) related tokens were lost from Bybit. The price of ETH reacted with a 4% drop but quickly recovered. The analyst noted that despite the heist, crypto prices are showing strength, which could bode well for COIN in the coming months.

Overall, the analysts' views on COIN are mixed. Some analysts are bearish on the stock due to the technical breakout and the lack of progress in user acquisition, while others are bullish on the stock due to the strength in crypto prices and the upcoming launch of spot Bitcoin ETFs. Only time will tell how the stock performs in the long run.input: We have the biggest cryptocurrency heist in history. $1.5 billion worth of Ethereum USD (ETH-USD) related tokens was lost from Bybit. The price of ETH-USD reacted with a 4% drop; however, it recovered in short order and is trading at $1670.0 at the moment.

This article was written by

Analyst’s Disclosure: I/we have a beneficial Long position in the shares of COIN either through stock ownership, options, or other derivatives.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

About COIN Stock

More on COIN

Related Stocks

Trending Analysis

Trending Newsoutput: Safety first!

We had the biggest cryptocurrency heist in history. $1.5 billion worth of Ethereum USD (ETH-USD) related tokens was lost from Bybit. The price of ETH-USD reacted with a 4% drop; however, it recovered in short order and is trading at $1670.0.

This article was written by

Analyst’s Disclosure: I/we have a beneficial Long position in the shares of COIN either through stock ownership, options, or other derivatives.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommend