On October 14th, Bitcoin surged past $65,000 for the first time since September 30th, sending U.S. crypto stocks into a rally. Coinbase shot up over 11.3%, with one savvy investor boasting a jaw-dropping 78.92% return! 🎉
💡 Want to know how he did it? Let’s dive into the details!
👏👏 Congrats to @Jimson Tan for locking in an amazing 78.92% profit on $Coinbase Global, Inc.(COIN)$ stock!
Got any winning strategies to share? We want to hear from you! Drop your golden trading tips in the comments below 👇.
Factors such as macroeconomic data, interest rate fluctuations, and geopolitical tensions are also contributing to this risk-off mood, propelling Bitcoin upward. Not to mention, the upcoming U.S. presidential election might offer support for digital assets, especially if predictions lean towards a Trump victory.
As one of the leading cryptocurrency exchanges, $Coinbase Global, Inc.(COIN)$ tends to move in tandem with Bitcoin’s price. When Bitcoin rallies, trading activity usually spikes, driving up Coinbase’s transaction fees.
But there’s more—Coinbase is successfully transitioning from a transaction-based model to a service-based one, paving the way for more stable revenues, fresh growth opportunities, and higher valuation multiples.
While a portion of Coinbase’s revenue is still closely tied to cryptocurrency prices and market interest, the company’s quarterly service income is starting to accumulate, signaling stronger fundamentals.
In a way, betting on Coinbase is a bet on the future of cryptocurrencies. But with its service revenues growing steadily, the company looks more attractive than ever.
What’s your take on crypto in the short term?
Do you think Coinbase is a smart play in the crypto world?
Let us know your thoughts below!
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0-24: Extreme fear (orange)
25-49: Fear (amber/yellow)
50-74: Greed (light green)
75-100: Extreme greed (green)
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Enormous upside from this point. $360 minimum Target.