To The Moon

$Coinbase Global, Inc.(COIN)$ 

Coinbase is the world's 2nd largest cryptocurrency exchange by trading volume after Binance.    The share price of Coinbase has been very volatile ever since the sudden collapse of FTX crypto exchange.  It has closed up 5% today at 43.39 but is down almost 18% in the past 5 days.  However Coinbase has dropped a massive 83% year to date. 

Will it fall further? 

It may as institutional investors are very pessimistic after FTX 's collapse and they are betting against crypto in the aftermath of FTX collapse as revealed by a Coinshares Report. 

The fortunes of Coinbase and Bitcoin are very much entwined.  Bitcoin is currently trading above 16,000 mark but may fall to below 15,000.  

However CFO of Coinbase Alesia said on 8 November that Coinbase has very little exposure to FTX and no exposure to its token FTT.  There is also no exposure to Alameda Research and no loans to FTX.

That is cold comfort to Coinbase investors but at least it is good news. 

However Cathy Woods has been on a Coinbase buying spree since November. 

Wall Street Analysts are also optimistic on Coinbase with  a median target price of 75 in the next 12 months. 

I am Bearish on Coinbase in the short to midterm but Bullish in the long term.  I believe that with the collapse of FTX, the authorities will put in place more stringent laws to prevent a similar FTX collapse from happening again. 

Crypto currency is here to stay and Coinbase is in pole position to capture the next crypto Bull market.  Even though it is Crypto winter now, I believe Crypto Spring will come.  We just need patience and time for Coinbase to blossom once again. 

@Daily_Discussion  @MillionaireTiger  @TigerStars  @CaptainTiger