- NASDAQ:COIN added 2.31% as meme stocks ruled the day once again on Wall Street.
- JPMorgan CEO Jamie Dimon has some harsh words for cryptocurrencies.
- More countries weigh in on banning cryptos as the Iranian government puts an end to mining.
NASDAQ:COIN has extended its bullish reversal this week as the stock has now regained over 8% since Monday, following a month of steady losses. On Thursday, shares of Coinbase added 2.31% to end the trading session at $247.09, with a nice strong finish before the closing bell. The stock continues to trend up but has noticeably been trading alongside the benchmark cryptos Bitcoin and Ethereum, so investors should be wary of the recent volatility surrounding the entire crypto market. Cathie Wood of Ark Invest has been a notable Bitcoin and Coinbase bull, and recently stated that Bitcoin’s current consolidation phase may be an excellent time to buy.
Stay up to speed with hot stocks' news!
One noted Wall Street executive is not so optimistic about cryptos moving forward, as JPMorgan CEO Jamie Dimon came out today and advised people to not invest in cryptos. Dimon has been quite outspoken about his thoughts on cryptocurrencies, despite the fact that JPMorgan recently upgraded Coinbase’s price target and also has started to allow its customers to invest in cryptocurrencies. Dimon joins a long list of Wall Street’s old guard who refuse to dabble in cryptos, despite whatever his investment analysts may think.
COIN stock forecast
The entire crypto market was brought crashing down by China’s recent banning of Bitcoin mining, as well as the use of cryptos at financial institutions. On Thursday, the Iranian government also banned the mining of cryptocurrencies for at least the next four months, after a rash of power outages and grid overloads have blanketed the country in darkness.
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.
Recommended content
Editors’ Picks
EUR/USD holds gains above 1.0700 as USD struggles ahead of data
EUR/USD is posting small gains above 1.0700 in the European session on Thursday. The pair remains underpinned by a sustained US Dollar weakness, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD stays firm above 1.2500 amid US Dollar weakness
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair's uptick is supported by a broadly weakness US Dollar on dovish Fed signals. A mixed market mood could cap the GBP/USD upside ahead of mid-tier US data.
Gold price trades with modest losses amid positive risk tone, downside seems limited
Gold price edges lower amid an uptick in the US bond yields, though the downside seems cushioned. A positive risk tone is seen as another factor undermining demand for the safe-haven precious metal.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.