- NASDAQ:COIN gains 2.70% on Friday, as the broader markets rallied to finish the week strong.
- Coinbase adds a strong fintech partner that should continue to add volume to its trading platform.
- Coinbase is set to report its first quarterly earnings as a publicly traded company next week.
NASDAQ:COIN finally found some support after the stock has been in freefall since the direct listing hit Wall Street in mid-April. On Friday, Coinbase added 2.70% to close the trading day at $263.70, which is still a far cry from the high price of $429.54 the stock saw on its first day of trading. Coinbase shares have noticeably been sinking, even as the price of the benchmark cryptos Bitcoin and Etherum have been surging towards new all-time highs.
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Coinbase has added a valuable fintech partner to its trading platform as it came to an agreement with PayPal (NASDAQ:PYPL) to be a form of payment for American customers. PayPal recently announced that it would allow its digital wallet users to pay by cryptocurrencies at any of over 29 million participating online retailers, and it appears that Coinbase wll be one of them. Coinbase has already set the maximum daily transaction amount to $25,000 per user. This is just the latest step towards democratizing cryptocurrency trading in America, amidst closures of crypto exchanges in countries such as South Korea and Turkey.
COIN stock forecast
Coinbase is set to announce its first quarterly earnings report on Thursday, May 13th, and investors will get to see how the company does following its $1.8 billion in revenue from the first quarter. As prices of Bitcoin and Ethereum continue to rise, noted investors like Ark Invest’s Cathie Wood and Loop Capital’s Kourtney Gibson continue to add shares to their positions in Coinbase.
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