Is Coinbase going to bounce back?
With a lack of catalysts, cryptocurrencies have been trading range-bound lately. However, the lackluster performance has not deterred $Coinbase Global, Inc.(COIN)$
It does not help that the Fed has hinted at maintaining higher interest rates for longer period of time to rein in a sticky inflation that has threatened to push US economy into a stagflation as demands slow under pressure from higher borrowing costs.
Cryptocurrencies have thrived at the onset of the pandemic with easy money flows, but have since plunged after a string of bankruptcies of crypto platforms.
However, I believe that there remains merits of cryptocurrencies for speedy cross-borders transactions, though they may have to be regulated to some degrees to build trust for mass adoption.
Meanwhile, I’m optimistic that spot-priced bitcoin ETF applications by the likes of $BlackRock(BLK)$ will eventually be approved by SEC, and catalyses the return of enthusiasm in cryptocurrencies and the next phase of growth of Coinbase.
@MillionaireTiger @TigerStars @TigerWire @CaptainTiger @TigerEvents
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Thinking of selling Oct $60 puts. Fed is out with a wrecking ball. If economy dives (most likely) you’ll see another crypto winter Not good for COIN
If the SEC approves a Bitcoin ETF for Blackrock any estimates as to how that will affect Coin being that Coinbase holds 5% of all Bitcoin?
Buying opportunity. All the big money is jockeying for position.
It’ll be hard. I’d rather buy bitcoin…..