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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AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.