Key Takeaways:
- Coinbase stock risks losing 15% by March.
- COIN could be a BUY at a discount price.
- The company now provides services in Singapore.
YEREVAN (CoinChapter.com) – Coinbase exchange stock COIN jumped over 25% in three days, following Bitcoin’s lead, and traded at just over $64 ahead of the March 16 session. However, the bulls might not have time to celebrate as COIN eyes short-term losses.
COIN risks a 15% loss in the short-term
In detail, COIN has given a choppy performance since February, mostly following the overall sentiment on the crypto market. Meanwhile, the stock could lose 15% of its price per share and end up at the $54 support by March.
As mentioned, COIN largely adopts the bias on the crypto market. Thus, if the headwinds from the Fed and the regulatory crunch send BTC prices in another downward spiral, COIN is likely to follow. Declining trading volumes testify to the short-term bearish expectations.
Also read: Jerome Powell Speaks Against Harsh Crypto Crackdown Before US Senate.
Is Coinbase stock a buying opportunity?
Meanwhile, Cathy Wood, the founder of ARK invest, saw the discounted Coinbase stock as a buying opportunity after the fourth consecutive quarter of reported losses. As of March 10, ARK had purchased over $13 million worth of COIN month-to-date.
Coinbase’s own long-term predictions forecast a wider crypto adoption and, therefore, more potential clients. However, the company plans to shift its attention from transaction revenue to “subscriptions and services,” which now take up to 47% of the exchange’s income.
What’s really cool is that in the last earnings that we shared about Q4, we shared that about 47% of our revenue is now from subscriptions and services. Almost half. And that’s allowing us to build a more predictable business…
said Coinbase CEO Brian Armstrong.
Coinbase launched services in Singapore.
Meanwhile, the Coinbase exchange expanded into Singapore, according to the announcement on March 15. Retail customers in Singapore will be able to transfer funds to and from their Coinbase accounts using any bank in the country for free.
Additionally, Coinbase will give clients the opportunity to integrate their Singpass information to “make joining the platform even easier.” In short, Singpass is the Singapore residents’ “digital identity” to access over 2,000 government and private sector services online and in person.
We understand that you may have questions when trading digital assets, which is why we have upgraded our Help Centre. Our team of experts is available to answer any questions you may have and provide the support you need through an array of tools including live chat.
commented Coinbase.
Currently, Coinbase services are available to approximately 110 million verified users and 245,000 ecosystem partners in over 100 countries.
Also read: First Republic Bank (NYSE: FRC) Stock Price Drop 75% In The Wake Of SVB Collapse, Gets Downgraded To Junk.
