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COINBASE - To dip or not to dip 📉📈-The big U.S. indexes ended another volatile week in the red, led by a more than 2% retreat in the Nasdaq. The struggle between growth and value remains, as tech stocks continue to struggle. Inflation fears were boosted by higher than expected Consumer Price Index and Producer Price Index figures, leaving investors to keep a close eye on what the Federal Reserve may do next. -Bitcoin and cryptocurrency-related stocks are on a wild ride after Tesla (TSLA) CEO Elon Musk lit up Twitter over the weekend with comments suggesting the EV maker may have sold its remaining Bitcoin. Musk later clarified that Tesla has not sold any Bitcoin. Within hours of his initial comments, Bitcoin fell below $43,000, according to cryptocurrency tracker Coinbase (COIN). -Crypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company's preliminary report that was released ahead of its April 14 listing on the Nasdaq. Investors were expecting Coinbase COIN, -5.46% to report EPS of about $3.07 on revenue of $1.814 billion. -The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. -Trading volume came in at $335 billion, with around $120 billion consisting of retail investors and $215 billion from institutional investors. Bitcoin and Ethereum, another cryptocurrency, drove a large portion of that volume. -Coinbase logged operating expenses of $813 million during the quarter. Transaction expenses from the higher trading volume, as well as an increase in account verification fees and payment processing fees, pushed costs higher. Competition is increasing: -"Competition is increasing as new market entrants join the crypto economy every month," Coinbase said in a letter to shareholders on Thursday. "Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer." -During its earnings conference call, Coinbase said it would begin allowing trading of Dogecoin in roughly six to eight weeks. But it sees a future with "millions of different crypto assets," which would have to meet its security and compliance protocols. -When asked about how it can keep apace with potentially cheaper fees elsewhere, management said it wasn't focused on competing on fees. Its biggest focus, it said, was meeting demand. Coinbase also outlined a scenario where it could offer other companies — in finance or elsewhere — technological assistance in handling digital assets. Its Coinbase Cloud service, it said, was its "AWS for crypto." -Coinbase's fortunes hinge on people's interest in investing in Bitcoin and other cryptocurrencies. The exchange has warned that demand trends are "inherently unpredictable" due to the volatility in crypto prices. Crypto Fear & Greed Index: Currently standing at 27, a drop from last month's 76, the index stands at a very bearish level. Our Opinion on COINBASE: We recommend waiting through these volatile times where it is unpredictable whether the cryptos will get into the correction or will rise furthermore. Coinbase needs to determine the ground of support for a rise back which it hasn't determined yet. For now, we are just floating in the middle of nowhere. The closest potential support can be seen at 243-244. If it dips below this level, a bearish continuation is to be expected.
NASDAQ:COIN
by caldooninvestment
10
COINBASE (COIN) - Bullish long term predictionBeen eyeing Coinbase stock (COIN) since IPO with this chart. COIN went down -40% from top, and I think the selling climax has calmed down. It was necessary due to the overvaluation in the IPO. Coinbase is the top 1 free app in the US appstore at the moment, and the crypto rally is far from over. Looks like a good long term investment at these levels if you want to diversify your portfolio or want to take baby steps into the "crypto market".
NASDAQ:COINLong
by Infib
1
Two targets for CoinbaseThis is a great spot to add to your current position or buy into Coinbase. Bitcoin hasn't seen the top of this cycle and Crypto's market cap is staggering. Aren't you glad you didn't buy it on the open. This is a very good spot price here and look for it to continue to my outlined 2 targets. This is an excellent buy and hold company that you should be adding to your longterm portfolios. With the ability to stake and purchase stablecoins banks will continue to loose marketshare over the next several years and decade. I believe many will look back on this chart and say I can't believe you used to be able to buy Coinbase down here. I like longterm bets that take time to grow but 5x plus. I believe this is a good spot to see that. BRONSON-TheSHARK
NASDAQ:COINLong
by Bronson-TheShark
1