Coinbase Pumps Higher Following Bitcoin, Ethereum: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Coinbase Global Inc (NASDAQ:COIN) saw a 5% rise on Thursday, following a statement from the U.S. Securities and Exchange Commission Chair Gary Gensler that Bitcoin doesn’t meet the requirements to be considered a security. Bitcoin and Ethereum also reacted positively to Gensler's stance, spiking about 2% and 3%, respectively. Coinbase was forming a possible bear flag pattern on the daily chart, but was attempting to negate the flag pattern by breaking up from it.
September 28, 2023 | 5:19 pm
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Coinbase's stock rose 5% following SEC Chair's statement. The stock was forming a possible bear flag pattern but was attempting to negate it.
The positive statement from the SEC Chair about Bitcoin not being a security has boosted Coinbase's stock. The stock was forming a bear flag pattern, which is typically a bearish signal, but it was attempting to negate this pattern, which could indicate a potential bullish trend.
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