Bitcoin ETF Approval Would Have Limited Impact To Coinbase's P&L: Barclay's Analyst
Portfolio Pulse from Vandana Singh
An erroneous tweet claiming the SEC's approval of BlackRock's spot Bitcoin ETF application led to a surge in Coinbase and Bitcoin prices. However, BlackRock refuted the rumors, causing a significant portion of the initial gains to be erased. The impact of successful ETF launches on Coinbase's profitability remains uncertain, as the shift of traders from holding spot Bitcoin to choosing ETFs could offset any gains.
October 18, 2023 | 6:06 pm
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NEUTRAL IMPACT
Bitcoin's price saw a significant increase due to a false tweet about SEC's approval of a Bitcoin ETF, but the gains were erased after the rumor was refuted.
The false news about the SEC's approval of a Bitcoin ETF led to a temporary surge in Bitcoin's price. However, the gains were erased after the rumor was refuted.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Coinbase's stock price experienced a surge due to a false tweet about SEC's approval of a Bitcoin ETF, but the gains were erased after the rumor was refuted. The impact of successful ETF launches on Coinbase's profitability is uncertain.
The false news about the SEC's approval of a Bitcoin ETF led to a temporary surge in Coinbase's stock price. However, the gains were erased after the rumor was refuted. The impact of successful ETF launches on Coinbase's profitability is uncertain, as it could be offset by a shift of traders from holding spot Bitcoin to choosing ETFs.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100