Cryptocurrency Stocks Recover as Bitcoin Rises 7.86%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2d ago
0mins
Should l Buy COIN?
Source: Benzinga
- Bitcoin Rebound: Bitcoin surged 7.86% to $65,760.87 on Friday, improving market sentiment and alleviating investor concerns about the cryptocurrency market, potentially laying the groundwork for a rebound in related stocks.
- Mining Stocks Recovery: MARA Holdings Inc rose 7.88% to $7.26 in premarket trading after plummeting 18.72% on Thursday, indicating strong demand for mining stocks and potentially attracting more investor interest.
- Strong Performance by Strategy Inc: Strategy Inc, known for its substantial Bitcoin holdings, saw its stock jump 8.36% to $115.93 in premarket trading, despite a 17.12% selloff on Thursday, reflecting strong fundamentals that continue to attract investor confidence.
- Hut 8 Corp Leads Gains: Hut 8 Corp led the recovery with an 8.68% increase to $48.34 in premarket trading after a 17.89% decline on Thursday, suggesting optimistic sentiment about its future growth potential, which may drive more capital into the company.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COIN is 361.63 USD with a low forecast of 230.00 USD and a high forecast of 440.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 146.120
Low
230.00
Averages
361.63
High
440.00
Current: 146.120
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the cryptoeconomy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. Its platform helps people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers. It offers products and services to various customer groups: individuals, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime Trading, markets, base protocol and Coinbase wallet.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Weak Bitcoin Market: Bitcoin has seen a sharp decline, currently priced at $68,305, down significantly from its 15-month high, which has intensified investor aversion to riskier assets like cryptocurrencies.
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- Bitcoin Rebounds: Bitcoin surged over 11% from a 1.25-year low, lifting cryptocurrency-exposed stocks and signaling renewed investor interest and confidence in crypto assets.
- Strong Corporate Earnings: Over 79% of S&P 500 companies exceeded earnings expectations, with S&P earnings growth projected at 8.4% for Q4, providing robust support for the market and indicating ongoing improvement in corporate profitability.
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- Consumer Confidence Boost: The University of Michigan's consumer sentiment index unexpectedly rose to 57.3, a six-month high, surpassing expectations of 55.0, reflecting optimistic consumer sentiment about the economic outlook, which supports further market gains.
- Inflation Expectations Shift: While short-term inflation expectations fell, long-term expectations ticked up slightly, indicating market concerns regarding the Fed's monetary policy, which could influence future investment decisions and market volatility.
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- Bitcoin Recovery: Bitcoin rebounded over 7% from a 1.25-year low, lifting cryptocurrency-exposed stocks and alleviating concerns about liquidity in the crypto market, indicating renewed investor interest in digital assets.
- Amazon Investment Concerns: Amazon's announcement of a $200 billion investment in data centers, chips, and other equipment led to a more than 9% drop in its stock, raising doubts about the long-term returns of its AI investments and potentially impacting future investor confidence.
- Earnings Season Insights: With 79% of S&P 500 companies exceeding expectations and Q4 earnings projected to grow by 8.4%, this indicates strong corporate profitability, which may provide ongoing support for the market despite economic uncertainties.
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- Coinbase Market Performance: Coinbase has an RSI of about 14, with shares down 25% this week linked to a plunge in Bitcoin prices; however, it regained some ground on Friday, and analysts remain optimistic, expecting the stock to double over the next year, reflecting confidence in digital assets.
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See More
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