(VIANEWS) – The NASDAQ ended the session with Coinbase (COIN) rising 6.37% to $72.60 on Thursday while NASDAQ rose 0.6% to $11,862.13.
Coinbase is footing the bill for a lawsuit filed against the Treasury Department Thursday by users of the recently sanctioned crypto service, Tornado Cash. Mixing services like Tornado Cash are used to obfuscate crypto transactions, which while anonymous, are easily traceable. The Treasury Department argued this particular service was used to launder more than $7 billion worth of digital currency in the past three years by North Korean hackers and other bad actors.
Why Does Coinbase Stock Keeps Going Up
The bull case for Coinbase stock is based on the fact that the company is seeing continued adoption of blockchain technology. The company’s verified user base jumped from 36 million in Q2 2020 to 103 million in Q2 2022. This suggests that it will continue to grow and its prospects for profitability should improve.
Coinbase has first-mover advantage and strong brand equity in the cryptocurrency space. However, the company is operating in a highly competitive environment. A recent Forbes Advisor study estimated that there will be 500 cryptocurrency exchanges in August 2022. There are several reasons to invest in Coinbase stock, including the fact that the company is backed by reputable financial services funds and is focusing on product development.
Another reason to invest in Coinbase is its growing institutional client base. The company has products for retail and institutional investors, including custody and prime brokerage services. In addition, the company has announced that it has partnered with BlackRock, the world’s largest asset manager, with over $8 trillion in assets under management. The new partnership will provide institutional investors with a way to invest in cryptocurrencies while maintaining an efficient trading environment.
About Coinbase Global, Inc
Coinbase Global, Inc. is a provider of financial infrastructure and technology to the cryptoeconomy both in the United States as well internationally. It provides the first financial account for cryptoeconomists; an exchange that allows institutions to transact in crypto assets; technology and services that allow ecosystem partners and developers of crypto-based apps and secure crypto asset payment. Coinbase Global, Inc., was established in 2012. It is located in Wilmington, Delaware.
Today’s last reported volume for Coinbase is 8298780, 43.05% below its average volume of 14572200.
Coinbase’s last close was $68.25, 81.5% below its 52-week high of $368.90.
The company’s growth estimates for the present quarter and the next is a negative 97.7% and a negative 101.2%, respectively.
Year-on-year quarterly revenue growth grew by 327.1%, now sitting on 7.84B for the twelve trailing months.
Stock Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions,
Coinbase’s stock is considered to be overbought (>=80).
Coinbase’s Stock Yearly Top and Bottom Value
Coinbase’s stock is valued at $72.60 at 18:26 EST, way under its 52-week high of $368.90 and way higher than its 52-week low of $40.83.
Coinbase’s Moving Average
Coinbase’s value is way below its 50-day moving average of $107.90 and way under its 200-day moving average of $210.61.
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