{"id":607153,"date":"2024-05-09T08:30:48","date_gmt":"2024-05-09T08:30:48","guid":{"rendered":"https:\/\/wncen.com\/?p=607153"},"modified":"2024-05-09T07:55:23","modified_gmt":"2024-05-09T07:55:23","slug":"bitwise-coinbase-coin-next-amazon-price-targets","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitwise-coinbase-coin-next-amazon-price-targets\/","title":{"rendered":"Bitwise Heralds Coinbase (COIN) As The ‘Next Amazon’: Price Targets"},"content":{"rendered":"

In a recently published report<\/a> by Bitwise, the leading crypto index fund manager, a striking comparison has been drawn between Coinbase and Amazon, highlighting a significant yet under-reported aspect of Coinbase’s business \u2014 the Base Layer 2 network. Titled “It\u2019s All About That Base (and Other Thoughts on Coinbase),” the report authored by Matt Hougan and Juan Leon delves deep into the financial and strategic shifts underpinning Coinbase’s latest successes and potential future.<\/p>\n

Amazon Of Crypto? Bitwise Projects Stellar Future For Coinbase<\/h2>\n

Coinbase’s latest financial results have been a revelation, demonstrating robust growth and operational efficiency. The company reported $1.6 billion in net revenue, marking a 116% increase year-over-year, significantly surpassing Wall Street\u2019s expectation of $1.36 billion.<\/p>\n

Profits were equally impressive, reaching $1.2 billion with total cash reserves swelling to $7.1 billion. Each of Coinbase’s business lines showed notable growth: consumer trading revenue rose by 93%, institutional trading by 105%, stablecoin revenue by 15%, blockchain rewards by 59%, and custodial services by 64%.<\/p>\n

Related Reading: Coinbase Sees Largest USDC Inflow Ever, What This Could Mean For Bitcoin<\/a><\/div>\n

Despite these strong numbers, the stock has trended downwards, suggesting that the market may not fully appreciate the depth of the company’s strengths. However, Bitwise highlights a less conspicuous but potentially transformative element of Coinbase\u2019s portfolio: the Base Layer 2 network<\/a>.<\/p>\n

Launched in August atop Ethereum, Base aims to enhance the blockchain\u2019s throughput while lowering costs. It operates similarly to a bar tab, aggregating transactions and settling them in batches, thereby reducing transaction costs to under $0.01 and speeding up processing times to less than one second.<\/p>\n

The adoption rate of Base has been staggering. The network saw a 74% increase in transactions quarter-over-quarter in the first quarter, with a 40% increase in April alone compared to the entire first quarter. The exponential growth in the number of developers using Base, which increased eightfold, underscores the network’s rising significance and the broader industry’s interest.<\/p>\n

From a financial perspective, Base has been lucrative for Coinbase. In the first quarter alone, the network generated $27.4 million in transaction fees, of which Coinbase retained $15.5 million. This high-margin revenue stream continued into April, adding another $11 million to Coinbase\u2019s profits. Given these trends, Bitwise predicts<\/a> that Base could soon be contributing $10 million to $20 million in monthly profits to Coinbase.<\/p>\n

The analogy with Amazon is rooted in the transformation potential of Base. Just as Amazon evolved from a simple online bookstore into a retail giant and later a dominant force in cloud computing through Amazon Web Services (AWS), Coinbase could similarly evolve from a crypto brokerage to a fundamental infrastructure provider for the crypto industry<\/a>.<\/p>\n

Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?<\/a><\/div>\n

This shift could redefine Coinbase’s role and impact within the market, positioning it as a central infrastructure entity in the crypto ecosystem, akin to how AWS underpins much of today’s web services.<\/p>\n

The report concludes by reflecting on the significance of Base for Coinbase\u2019s strategic direction. \u201c[T]he early returns on Base suggest that Coinbase could end up becoming something even greater: a core infrastructure provider to the crypto ecosystem. And that would be a very big deal indeed.\u201d<\/p>\n

COIN Price Analysis<\/h3>\n

Analyzing the technical landscape, the price of Coinbase (COIN) currently faces a pivotal moment. After dropping to $211.20 (as of press time), down 11.4% from a weekly high of $235.79, the stock is testing significant resistance and support levels that could dictate its short-term trajectory.<\/p>\n

The Fibonacci retracement tool, applied from a low of $31.62 to a high of $429.52, identifies critical price points. Presently, COIN is contending with the $230.57 level (0.5 Fibonacci level), which acts as the primary resistance. The 20-week Exponential Moving Average (EMA) provides crucial support at $199.35, with the stock recently bouncing off this level.<\/p>\n

The Relative Strength Index (RSI) stands at 56.10, suggesting a balanced dynamic between buying and selling pressures, with a slight tilt towards buying. The recent price behavior, characterized by a candlestick with a small body and longer wicks, reflects the ongoing uncertainty and cautious sentiment among traders.<\/p>\n

\"Coinbase
COIN price, 1-week chart | Source: COIN on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Nasdaq, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recently published report by Bitwise, the leading crypto index fund manager, a striking comparison has been drawn between Coinbase and Amazon, highlighting a significant yet under-reported aspect of Coinbase’s business \u2014 the Base Layer 2 network. Titled “It\u2019s All About That Base (and Other Thoughts on Coinbase),” the report authored by Matt Hougan and Juan Leon delves deep into the financial and strategic shifts underpinning Coinbase’s latest successes and potential future. Amazon Of Crypto? Bitwise Projects Stellar Future For Coinbase Coinbase’s latest financial results have been a revelation, demonstrating robust growth and operational efficiency. The company reported $1.6 billion in net revenue, marking a 116% increase year-over-year, significantly surpassing Wall Street\u2019s expectation of $1.36 billion. Profits were equally impressive, reaching $1.2 billion with total cash reserves swelling to $7.1 billion. Each of Coinbase’s business lines showed notable growth: consumer trading revenue rose by 93%, institutional trading by 105%, stablecoin revenue by 15%, blockchain rewards by 59%, and custodial services by 64%. Related Reading: Coinbase Sees Largest USDC Inflow Ever, What This Could Mean For Bitcoin Despite these strong numbers, the stock has trended downwards, suggesting that the market may not fully appreciate the depth of the company’s strengths. However, Bitwise highlights a less conspicuous but potentially transformative element of Coinbase\u2019s portfolio: the Base Layer 2 network. Launched in August atop Ethereum, Base aims to enhance the blockchain\u2019s throughput while lowering costs. It operates similarly to a bar tab, aggregating transactions and settling them in batches, thereby reducing transaction costs to under $0.01 and speeding up processing times to less than one second. The adoption rate of Base has been staggering. The network saw a 74% increase in transactions quarter-over-quarter in the first quarter, with a 40% increase in April alone compared to the entire first quarter. The exponential growth in the number of developers using Base, which increased eightfold, underscores the network’s rising significance and the broader industry’s interest. From a financial perspective, Base has been lucrative for Coinbase. In the first quarter alone, the network generated $27.4 million in transaction fees, of which Coinbase retained $15.5 million. This high-margin revenue stream continued into April, adding another $11 million to Coinbase\u2019s profits. Given these trends, Bitwise predicts that Base could soon be contributing $10 million to $20 million in monthly profits to Coinbase. The analogy with Amazon is rooted in the transformation potential of Base. Just as Amazon evolved from a simple online bookstore into a retail giant and later a dominant force in cloud computing through Amazon Web Services (AWS), Coinbase could similarly evolve from a crypto brokerage to a fundamental infrastructure provider for the crypto industry. Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over? This shift could redefine Coinbase’s role and impact within the market, positioning it as a central infrastructure entity in the crypto ecosystem, akin to how AWS underpins much of today’s web services. The report concludes by reflecting on the significance of Base for Coinbase\u2019s strategic direction. \u201c[T]he early returns on Base suggest that Coinbase could end up becoming something even greater: a core infrastructure provider to the crypto ecosystem. And that would be a very big deal indeed.\u201d COIN Price Analysis Analyzing the technical landscape, the price of Coinbase (COIN) currently faces a pivotal moment. After dropping to $211.20 (as of press time), down 11.4% from a weekly high of $235.79, the stock is testing significant resistance and support levels that could dictate its short-term trajectory. The Fibonacci retracement tool, applied from a low of $31.62 to a high of $429.52, identifies critical price points. Presently, COIN is contending with the $230.57 level (0.5 Fibonacci level), which acts as the primary resistance. The 20-week Exponential Moving Average (EMA) provides crucial support at $199.35, with the stock recently bouncing off this level. The Relative Strength Index (RSI) stands at 56.10, suggesting a balanced dynamic between buying and selling pressures, with a slight tilt towards buying. The recent price behavior, characterized by a candlestick with a small body and longer wicks, reflects the ongoing uncertainty and cautious sentiment among traders. Featured image from Nasdaq, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":607157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[14917,1379,92252,1393,91662,14690],"class_list":["post-607153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitwise","tag-coin","tag-coin-price","tag-coinbase","tag-coinbase-stock","tag-crypto-news"],"acf":[],"yoast_head":"\nBitwise Heralds Coinbase (COIN) As 'Next Amazon': Price Targets<\/title>\n<meta name=\"description\" content=\"In a report, Bitwise draws a striking comparison between Coinbase and Amazon, highlighting a significant yet under-reported aspect.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitwise Heralds Coinbase (COIN) As The ‘Next Amazon’: Price Targets","url":"http:\/\/wncen.com\/news\/bitwise-coinbase-coin-next-amazon-price-targets\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitwise-coinbase-coin-next-amazon-price-targets\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/coinbase-prima91-adobe.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/coinbase-prima91-adobe.jpg?fit=720%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitwise","coin","coin price","coinbase","coinbase stock","crypto news"],"dateCreated":"2024-05-09T08:30:48Z","datePublished":"2024-05-09T08:30:48Z","dateModified":"2024-05-09T08:30:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitwise Heralds Coinbase (COIN) As The ‘Next Amazon’: Price Targets\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitwise-coinbase-coin-next-amazon-price-targets\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitwise-coinbase-coin-next-amazon-price-targets\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/coinbase-prima91-adobe.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/coinbase-prima91-adobe.jpg?fit=720%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitwise\",\"coin\",\"coin price\",\"coinbase\",\"coinbase stock\",\"crypto news\"],\"dateCreated\":\"2024-05-09T08:30:48Z\",\"datePublished\":\"2024-05-09T08:30:48Z\",\"dateModified\":\"2024-05-09T08:30:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/coinbase-prima91-adobe.jpg?fit=720%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607153"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=607153"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/607157"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=607153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=607153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=607153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}