COIN Price Prediction: Coinbase Global Inc stock slumps as the crypto markets turn bearish again

NASDAQ:COIN falls by 4.27% and lags the broader markets to close the week.
Crypto markets fall again as volatility continues.
The Bank of Japan adds another bearish voice to the crypto craze.

Stocks Reporter FXStreet

NASDAQ:COIN capped off a tumultuous week of trading, as the recent bullish gains flipped bearish on Friday, amidst another downturn in the broader crypto markets. Shares of Coinbase fell by 4.27%, to close the trading session at $236.54. While Coinbase continues to disappoint in the months following its direct listing, there is at least one prominent investor who has still been scooping up shares at the depressed prices. Cathie Wood of Ark Invest continues to add to her position of Coinbase, and has been notably bullish about Bitcoin recently stating a future price point of $500,000 per coin.

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The broader crypto markets turned bearish on Friday, as traders brace themselves for what could be a long weekend full of volatility. Bitcoin dropped by 7% to close the week out, and crypto investors are having memories of the 10% drop that took place last weekend. While Bitcoin managed to rebound the next day, the overall sentiment of cryptocurrencies have been exceedingly bearish since reaching all-time highs of $63,000 USD in April.

COIN stock forecast

Another major economic figure has spoken out against cryptocurrencies as the Governor of the Bank of Japan has declared Bitcoin a speculative asset. Governor Kuroda joins a long list of figures including the JPMorgan’s Jamie Dimon who have spoken out against Bitcoin over the past few weeks. The Bank of Japan’s stance comes despite a rising popularity of cryptocurrencies in Japan, especially Bitcoin whose mysterious founder uses the Japanese pseudonym Satoshi Nakamoto as their alternate identity.

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Stocks Reporter

FXStreet

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