Coinbase Stocks Surge By 9% Amid Recent Crypto Crash
Coinbase stocks surge by 9% amid the recent crypto market crash and COIN has been all over the place today so let’s read more today in our latest Coinbase news.
Coinbase stocks surge by 9% despite America’s biggest crypto exchange having a tough week. The stock closed the trading day at $58.50 or up by 8.9% in the past day. Coinbase trades as COIN on the NASDAQ and closed yesterday at $53.72 after some difficult news which is the San Francisco Exchange posted a quarterly loss of $430 million and pulled in about $1.17 billion in revenue for Q1. In the fourth quarter, it took $2.5 billion, the analysts predicted it will rake in $1.5 billion during the Q1 this year. The monthly transaction users dropped as well from 11.4 last quarter to 9.2 million in Q1.
“Markets are irrational in the short term but not over the long term. They sometimes offer fire sale prices on the greatest companies in the world.” – @fredwilson
— Brian Armstrong – barmstrong.eth (@brian_armstrong) May 11, 2022
Coinbase stocks were having a rough patch today and at one point it dipped as low as $41.85 which is 40% lower than the closing price which is the kind of volatility that you can see often with altcoins. Coinbase and its COIN stock troubles came at a time when the entire crypto marekt was struggling. BTC as the biggest asset by marekt cap dropped to lows not seen since 2020. BTC is following a huge marekt sell-off in the equities market as investors shift the risky assets.
Today COIN bounced back and it could have something to do with Ark Invest as the Investment company led by Cathie Wood, snapping up 546,579 shares of Coinbase, worth $2.9 million. Wood is a BTC believer who hinted that now could be a good time to get stuck into the disruptive tech investments and tweeted that she sees stocks tied to emerging technologies like hte blockchain to get into deep value territory. The Coinbase stock is doing pretty bad since the company’s public listing and the exchange shares hit a high of $381 with today’s closing price being down by 84%.
Thank you @freshjiva. Stocks sold off after the tech/telecom bubble because the “dream” would not become reality for 20-25 years. Genomic sequencing, adaptive robotics, energy storage, AI, and blockchain technology are realities, their stocks seemingly in deep value territory. https://t.co/RyhWF8hLLI
— Cathie Wood (@CathieDWood) May 12, 2022
Coinbase’s visionary CEO Brian Armstrong doesn’t seem phased as he said that the short-term dip can offer some fire-sale prices on the biggest companies in the world.
As recently reported, Coinbase posted a quarterly loss of $430 million and the scope of the loss was quite unexpected as analysts predicted the earnings would be bigger. Coinbase also missed the key metrics of the monthly transacting users which dropped from 11.4 last quarter to a 9.2million in the first quarter.