{"id":575379,"date":"2024-02-16T06:00:28","date_gmt":"2024-02-16T06:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=575379"},"modified":"2024-02-15T19:44:30","modified_gmt":"2024-02-15T19:44:30","slug":"bitcoin-etfs-boosts-coinbase-coin-shares-as-jpmorgan-upgrades-rating","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase\/bitcoin-etfs-boosts-coinbase-coin-shares-as-jpmorgan-upgrades-rating\/","title":{"rendered":"Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating"},"content":{"rendered":"

The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based<\/span> cryptocurrency exchange<\/span><\/a> Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.<\/span><\/p>\n

Improved Prospects For Coinbase Amid Crypto Rally<\/span><\/h2>\n

According to a Bloomberg report<\/a>, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock.\u00a0<\/span><\/p>\n

As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.<\/span><\/p>\n

Related Reading: Dogecoin Price Prediction \u2013 DOGE Pump To $0.12 Seems Imminent<\/a><\/div>\n

This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs).\u00a0<\/span><\/p>\n

However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:<\/span><\/p>\n

Given the acceleration in recent days of <\/span>flows <\/span>into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.<\/span><\/p><\/blockquote>\n

\"Coinbase\"
The daily chart shows COIN’s 4% uptrend in the past 24 hours. Source: COIN on TradingView.com<\/a><\/figcaption><\/figure>\n

Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split.\u00a0<\/span><\/p>\n

Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.<\/span><\/p>\n

Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being <\/span>transaction-based<\/span><\/a>. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.<\/span><\/p>\n

Bitcoin ETFs Witness Significant Trading Volume\u00a0<\/span><\/h2>\n

On February 14th, the trading volume of Bitcoin ETFs <\/span>showcased <\/span><\/a>notable figures, with Blackrock\u2019s IBIT recording the lead with $721 million in volume.\u00a0<\/span><\/p>\n

Grayscale\u2019s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity\u2019s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.<\/span><\/p>\n

The nine ETFs’ total trading volume\u00a0<\/span><\/a>amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.<\/span><\/p>\n

\"Coinbase\"
Bitcoin ETF’s February 14 trading volumes with Blacrock’s IBIT leading the pack. Source: AlexOtta on X<\/a><\/figcaption><\/figure>\n

Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume <\/a><\/span>was 50% higher.<\/span><\/p>\n

Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date<\/a><\/div>\n

As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.<\/span><\/p>\n

\"Coinbase\"
BTC’s price rally on the 1-D chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000.\u00a0<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst. Improved Prospects For Coinbase Amid Crypto Rally According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock.\u00a0 As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral. Related Reading: Dogecoin Price Prediction \u2013 DOGE Pump To $0.12 Seems Imminent This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs).\u00a0 However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained: Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24. Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split.\u00a0 Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday. Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase. Bitcoin ETFs Witness Significant Trading Volume\u00a0 On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock\u2019s IBIT recording the lead with $721 million in volume.\u00a0 Grayscale\u2019s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity\u2019s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million. The nine ETFs’ total trading volume\u00a0amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million. Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher. Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets. Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000.\u00a0 Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":575382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[428,485,6031,532,90555,91160,9960,656,1119,1144,8390,78790,1379,1393,15888,91662,6664,1558],"class_list":["post-575379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-coinbase","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-bitcoin-news","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-coin","tag-coinbase","tag-coinbase-exchange","tag-coinbase-stock","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating<\/title>\n<meta name=\"description\" content=\"The 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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