Post
Topic
Board Exchanges
Re: What is the reason behind 90% increase in Coinbase stock coin price ?
by
The Sceptical Chymist
on 30/01/2023, 11:53:26 UTC
By applying simple TA here<snip>
Gah!  I don't believe in TA, but if I recall correctly Coinbase stock fell off a cliff after a piece of news came out--and I'll be damned if I can remember if it was an earnings forecast or report or if it had something to do with bitcoin's price plopping in the shitter for a while.

But just like Meta, Coinbase rebounded.  We're still in a serious bull market as far as stocks go, and when prices are sky high and there's a lot of speculation going on, any news or even rumor can cause a massive swing in a stock's price.  That's been true of every raging bull market, and I think that's because everybody is waiting for the crash to come.

So COIN is back to being an overvalued stock.  That shouldn't be too surprising given that the stock of every company that has business in the crypto space is sensitive to bitcoin's price, and bitcoin just rebounded big time.  If it fell back to $16k tomorrow, I bet COIN would get hit pretty hard.