Why Coinbase Stock Is Tumbling Premarket Today
Portfolio Pulse from Shanthi Rexaline
Coinbase Global, Inc. (NASDAQ:COIN) stock fell in premarket trading due to broader market sentiment and a cryptocurrency market sell-off after the SEC approved a Bitcoin ETF. Additionally, JPMorgan analysts downgraded Coinbase to Underweight, maintaining a $80 price target. Bitcoin's price dropped by 4.50%, trading below $39,000. Coinbase's premarket stock price decreased by 4.17% to $122.86.
January 23, 2024 | 12:57 pm
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NEGATIVE IMPACT
Coinbase stock is likely to experience short-term negative pressure due to a broader market downturn, a sell-off in the cryptocurrency market, and a downgrade by JPMorgan analysts.
The premarket decline in COIN's stock price is directly related to the broader market's lackluster sentiment, the recent sell-off in cryptocurrencies, and the downgrade by JPMorgan analysts. These factors are likely to influence investor perception and could lead to a decrease in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100