Coinbase Stock News and Forecast: COIN advances on Thursday on Bitcoin breaking $30K

Bitcoin has added nearly 7% over the past day.
Coinbase stock rallied 7.6% on Monday.
COIN is jumping ahead again on Tuesday.
Bitcoin is above $30,000 for the first time in 10 months.

Clay Webster FXStreet

Coinbase (COIN) advanced another 3.2% to $68.25 at Tuesday's open on the back of Bitcoin (BTC) retaining its perch above $30,000. Bitcoin has leapt 6.6% in the past 24 hours to $30,135. The leading cryptocurrency began Monday around $28,400 before quickly breaking through the $30,000 market and putting in a high near $30,325 late in the day. COIN stock already rallied 7.6% on Monday.

Other leading crypto stocks like Marathon Digital Holdings (MARA), up 6.2%, and Riot Platforms (RIOT), up 6.1%, also added to the frenzy. Michael Saylor's MicroStrategy (MSTR) also rose 5.8%. This euphoria is contained in the crypto space, however, as the NASDAQ opened flat, while the S&P 500 and the Dow Jones were only barely green.

Coinbase stock news: Bitcoin leads the melee

This is the first time in 10 months that Bitcoin has popped above the $30,000 price level. It is hard to say what specifically led to Bitcoin's sudden rally, as is usual in the space. Cryptominer CleanSpark only announced on Tuesday morning that it was purchasing $145 million worth of mining machines from Bitmain, but these will not be completely delivered until September. At that time CleanSpark will nearly double its total number of miners.

Following the collapse of Silicon Valley Bank in the US, Bitcoin saw a wave of buyers, but the price moved from $20,000 to $28,000 rather quickly before consolidating around the latter level for three straight weeks. It seems that consolidation phase is now over.

Coinbase derives about three quarters of its revenue from transaction volume, so higher crypto prices are sure to mean a better topline number for the quarter. Also, other prominent cryptocurrencies tend to follow in Bitcoin's footsteps. Ethereum (ETH) has advanced 3.7% on Tuesday to $1,920.

Coinbase stock forecast

Coinbase was trading closely in line with Bitcoin for the first half of the last year, but then split apart last November. The graph below shows that COIN stock has lost more than 56% over the past year, while Bitcoin is down a more modest 23%.

Coinbase/Bitcoin price comparison, one year timeline

Currently, the 21-day moving average sits atop the 9-day moving average, which is normally bearish. Bitcoin is anything but calm however, and most bulls likely are focused on the double top at $85 that happened in early February and late March. Adding shares between $52 and $62 over the past two months gives them the necessary ammo if a triple top is in the cards.

Before that bulls will need to overpower last summer's resistance point at $76. The Relative Strength Index (RSI) is showing a neutral print, so upside seems to lack a substantial barrier. Short-term support for now is at $62.

COIN daily chart

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

AUD/USD bulls seem hesitant below 0.7050 ahead of RBA on Tuesday

AUD/USD reverses an Asian session dip on Monday as renewed optimism over Iran diplomacy boosts investor confidence, keeping a lid on the safe-haven US Dollar and supporting the risk-sensitive Aussie. Spot prices, however, remain below the one-month high, touched last Thursday, as bulls wait for the crucial RBA decision before taking fresh positions.

USD/JPY climbs to 158.00 neighborhood as BoJ uncertainty weighs on the JPY

The USD/JPY pair gains some positive traction at the start of a new week, recovering further from Friday's post-Bank of Japan (BoJ) swing low to sub-157.00 levels. The momentum lifts spot prices to the 158.00 neighborhood during the Asian session and seems unaffected by fresh intervention warning from Japan's Finance Minister Satsuki Katayama.

Gold finds relief from Oil’s decline as traders await key US economic data

Gold retains a positive bias during American trading hours on Monday after sliding to a fresh yearly low of $3,870 on Friday and ending October down 6.87%. A pullback in Oil prices amid diplomatic efforts between the US and Iran supports the precious metal. However, the rebound lacks conviction as the fundamental backdrop continues to raise doubts over a sustained recovery.

Dogecoin risks deeper slide as whales diverge

Dogecoin hovers around $0.075 on Monday after falling for the fifth consecutive week since the end of September. Santiment data shows diverging whale activity, as large holders reduce their positions while smaller whale wallets accumulate tokens. Meanwhile, weakening on-chain metrics and a deteriorating technical outlook suggest that DOGE could remain vulnerable to further losses.

Why strong US growth could not stop the bond rally and AI selloff

The US economy grew at a 3.4% annual rate, yet Treasury yields fell and the Nasdaq ended October with its worst monthly performance since March 2025. The market is no longer rewarding capital expenditure simply because it supports growth. Investors are testing whether that expenditure can produce cash flow and returns above the cost of capital.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.