What's Going On With Coinbase Stock?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares are moving amid increased interest in cryptocurrency-related stocks, driven by a spike in Ethereum (ETH) and Bitcoin (BTC) prices. Ethereum's price surge is linked to optimism about the potential approval of spot Ethereum ETFs. Coinbase shares rose 8.47% on Monday, following an upgrade from BofA Securities. However, shares are currently trading below their 50-day moving average.
May 21, 2024 | 3:57 pm
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Coinbase shares are experiencing increased interest due to a surge in Ethereum and Bitcoin prices, driven by optimism around spot Ethereum ETFs. BofA Securities upgraded Coinbase to Neutral and raised the price target to $217, citing re-engagement of retail investors and operating leverage.
The upgrade from BofA Securities and the surge in Ethereum and Bitcoin prices are likely to positively impact Coinbase's stock in the short term. The increased interest in cryptocurrency-related stocks and the potential approval of spot Ethereum ETFs add to the bullish sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100