Coinbase acquires Breadwallet, BRD price soars by 700%

  • Coinbase recently made an acquisition of a crypto wallet firm, Breadwallet.
  • The Nasdaq-listed firm aims to bring decentralization to more users around the world.
  • BRD, Breadwallet’s native token skyrocketed over 700% following the announcement. 

Open-source cryptocurrency wallet Breadwallet (BRD) has recently been acquired by leading digital asset exchange Coinbase. BRD will join the Nasdaq-listed firm and users of the wallet will be given the option to migrate to Coinbase in 2022.

New acquisition to accelerate web3 adoption

Breadwallet recently announced its acquisition by Coinbase in a blog post, stating that the move will bring decentralization to more users around the world. In the near future, BRD wallet users will be given the option to use a migrational path to self custody with Coinbase Wallet, with a special gift included.

The cryptocurrency wallet was launched as an application in 2014, focusing on providing digital asset custody and making it more accessible to users globally. Breadwallet grants additional features for holding its native utility token BRD in their wallets. 

Breadwallet serves over 10 million users, and BRD CEO Adam Traidman stated that “nothing will change in the BRD wallet app,” adding that funds remain safe and secure.

The crypto wallet team said that some of the company’s team members will be moving to the Nasdaq-listed firm to continue on development work for digital asset wallets. Coinbase Wallet tweeted that the BRD team will “help accelerate web3 adoption.”

Following the reveal of the Coinbase acquisition, BRD token price surged over 700%, reaching a swing high at $1.69.

BRD price targets $2.20 next

BRD price rallied 725% on November 24, fueled by bullish sentiment following the acquisition announcement. Although the news acted as a catalyst for the token, the weekly chart suggested that an optimistic target was already in the offing.

BRD price formed an inverse head-and-shoulders pattern on the weekly chart, with a bullish target of a 91% climb from its neckline. The token has already exceeded the optimistic forecast, and is now aiming for the 127.2% Fibonacci retracement level at $2.20.


BRD/USD weekly chart

If the token were to witness an increase in sell orders, the first line of defense for BRD price is at the 61.8% Fibonacci retracement level at $1.09, then at the 50% retracement level at $0.89.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano price hits rock bottom as ADA prepares for 40% breakout

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

More Cardano News

DeFi protocol Badger DAO loses $120 million in exploit, sending prices in a downward spiral

Badger DAO fell victim to the latest hack in the DeFi ecosystem. The protocol lost a total of $120.3 million in wrapped Bitcoin and Ethereum. 

More Cryptocurrencies News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

Ethereum is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. Ethereum is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH outperforming its peers, BTC struggles and XRP bearish

The Bitcoin bull rally got stopped in its tracks this week after BTC price came under more pressure from the Omicron story, and the resulting market turmoil.  Ethereum price, however, came just $16 away from making a new record high, making gains in contrast to the other two majors. 

More Bitcoin News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!