COIN stock price: Coinbase Global soars higher on crypto market rebound

NASDAQ:COIN surges by 4.44% on Monday amidst another green day for the broader markets.
Coinbase retraces as Bitcoin and other cryptos start another bullish run.
Coinbase announces its first earnings call as a publicly traded company on May 13th.

Stocks Reporter FXStreet

NASDAQ:COIN has had an eventful first couple of weeks on Wall Street to say the least, going from one of the most anticipated debuts in recent memory, to subsequently dropping in price by 30%. On Monday, the broader markets kicked earnings season off with a bang and Coinbase gained 4.44% to close the day at $304.54. To say that Coinbase has been volatile is an understatement as shares already have a twelve day price range of $282.07 to $429.54 as investors continue to struggle with the lofty valuations.

Stay up to speed with hot stocks' news!

Thus far Coinbase has largely been affected by the fluctuating price of cryptocurrencies, specifically the benchmark cryptos Bitcoin and Ethereum. Over the weekend, the correction that was triggered by last week’s proposal of an increase to the capital gains taxation rate by President Biden, tapered off and the crypto market re-emerged on another bullish run. While Coinbase may have just hit its first support point after being steadily sold off since its direct listing, it is clear that the price of Coinbase shares and the price of Bitcoin will continue to go hand in hand for the foreseeable future.

COIN Stock news

Coinbase has officially announced that it will be reporting its first quarterly earnings after the closing bell on May 13th. Much has been made about Coinbase’s performance so far as a publicly traded company, but this has not seemed to deter Ark Invest’s Cathie Wood from loading up on the stock. Ark Invest sold some of its highest conviction holdings in Square (NYSE:SQ) and Tesla (NASDAQ:TSLA) to fund the Coinbase investments, so it will be interesting to see how it performs in the long run.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD recovers above 1.1600 as focus shifts to US data

EUR/USD stages a modest rebound and trades in positive territory above 1.1600 in the European session on Wednesday. Improving risk sentiment makes it difficult for the US Dollar to preserve its strength and helps the pair edge higher as focus shifts to key US data releases.

GBP/USD climbs above 1.3350 on improving risk mood

GBP/USD gains traction and advances toward 1.3400 on Wednesday. Although there are no headlines pointing to a de-escalation in the Middle East conflict, the modest recovery seen in US stock index futures limit the USD's gains and help the pair hold its ground.

Gold rebounds toward $5,200 as USD retreats

Gold maintains its offered tone through European session on Wednesday and climbs to the $5,200 region. The downward correction seen in the US Dollar and the ongoing crsis in the Middle East seem to be allowing XAU/USD to preserve its recovery momentum.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.