Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
JPMorgan has <a href="https://twitter.com/DeItaone/status/1758110854522814609">revised</a> its stance on Coinbase (COIN), upgrading the cryptocurrency exchange from "Underweight" to "Neutral" with a price target (PT) of $80.&nbsp;
This adjustment comes after a period of skepticism from the financial giant, concerning the surge in Bitcoin prices driven by the influx of new investments through U.S. spot Bitcoin exchange-traded funds (ETFs).&nbsp;
Initially, the launch of these ETFs was met with a sell-off, but it soon translated into significant appreciation for Bitcoin's value, as noted by JPMorgan.
<h2 id="ark-invest-adjusts-its-coinbase-holdings">ARK Invest adjusts its Coinbase holdings</h2>
Amid these developments, ARK Invest, led by Cathie Wood, sold $34.3 million worth of Coinbase shares across three different funds.&nbsp;
This move marked the first sale of Coinbase stock by ARK in a month, taking place just a day before Coinbase was scheduled to report its fourth-quarter earnings.&nbsp;
Despite this sale, Coinbase's stock has seen an impressive rally that has been bolstered by a broader rally in the cryptocurrency market that has notably lifted Bitcoin above the $52,000 mark.&nbsp;
<h2 id="closer-look-at-coinbase-s-position">Closer look at Coinbase's position</h2>
Coinbase is preparing to unveil its earnings later today, and the platform finds itself in a favorable position, riding the wave of rising cryptocurrency values.
However, the shadow of regulatory challenges looms large over the exchange.&nbsp;
Analysts project that Coinbase will report modest earnings, reflecting the company's resilience and adaptability on a volatile market.&nbsp;
The expected earnings come after a year of significant growth for <a href="https://u.today/coinbase-announces-new-delisting-details">Coinbase</a>. This growth is largely attributed to the increasing mainstream acceptance of cryptocurrencies, further accelerated by the approval of spot Bitcoin ETFs.&nbsp;
These ETFs simplify the process of investing in Bitcoin, eliminating the need for technical knowledge of crypto wallets and private keys, thus potentially opening up the market to a wider range of investors.

JPMorgan Says Coinbase Now Neutral

Table of Contents

U_Today

Other articles published on Feb 15, 2024

Binance Labs Backs Three Crypto Startups in Latest Incubation Round

Hedera and Mondelēz Partner: Food Giant Envisions Leveraging DLT

Sui Revealed as Top Destination for DeFi Inflows Over the Last 30 Days

BONK Memecoin Jumps 7% on Revolut ‘Learn’ Deal Proposal

Market expert explains why Dogecoin (DOGE) & Chainlink (LINK) stay strong and why Kelexo (KLXO) l...

Bitcoin's Surge to $52K Faces Threats From Two Major Sell-Off Events

Join our free newsletter for daily crypto updates!