Cryptocurrency

COIN

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 <p class="paragraph">Coinbase Global Inc. (NASDAQ: COIN) <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> is often considered a leading indicator of the cryptocurrency market. The centralized exchange became a public company in 2021, and the crypto bear market massively impacted its price in 2022, which is now recovering.</p> 
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 <p class="paragraph">Nevertheless, the price recovery opens an exit opportunity for major players like Ark Invest. Reportedly, Cathie Wood’s investment firm has dumped around $56.6 million of Coinbase shares in the past two days.</p> 
 <p class="paragraph">According to <em>The Block</em>, Ark Invest sold 180,422 <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s on December 6 for around $24.3 million. Previously, the investment company sold $33.3 million worth of COIN one day before and $15 million last week.</p> 
 <p class="paragraph">Interestingly, Ark Invest has also liquidated other cryptocurrency-related investments, such as part of its position on GBTC.</p> 
 <h2 class="wp-block-heading" id="h-coin-stock-price-analysis">COIN stock price analysis</h2> 
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 <p class="paragraph">Meanwhile, COIN was trading at $133 per <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> by press time. This move carves what could be the first red week after five positive weekly candles in a roll.</p> 
 <p class="paragraph">Notably, Coinbase Global Inc. stock has lost 65% in value since its Initial Public Offering (IPO) on April 12, 2021. COIN traded for as low as $31.55 in early 2023, and its highest price was achieved in the IPO’s first week.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="662" src="https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp" alt class="wp-image-141957" srcset="https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp 1024w, https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp 300w, https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp 768w, https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp 1536w, https://cdn.thebittimes.com/images/2023/12/07/5648da24b165f0b2bcb1be95acff65bc.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   NASDAQ: COIN weekly chart. Source: <em>TradingView</em>
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 <p class="paragraph">Despite the long-term losses since its IPO, COIN has been trending upward since its lowest point in the chart. This happens while Coinbase faces relevant challenges in the regulatory spectrum, fighting a legal battle against the United States Securities and Exchange Commission (SEC).</p> 
 <p class="paragraph">Coinbase was picked by BlackRock Inc. (NYSE: BLK) and other major players as the custodian for the spot Bitcoin ETF. Essentially, this validates the company’s business model and might contribute to its future growth.</p> 
 <p class="paragraph">Therefore, it is possible to see Coinbase <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>s seeking 2021’s resistance in the $350 zone. However, institutional sell-offs could delay this movement with extra selling pressure.</p> 
 <p class="paragraph">All things considered, COIN performance will depend on both micro and macro conditions. Both the cryptocurrency and <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> markets will play a significant role in further price action.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/price-prediction-for-coinbase-stock-as-major-player-dumps-shares-tbt72966.html">https://thebittimes.com/price-prediction-for-coinbase-stock-as-major-player-dumps-shares-tbt72966.html</a></p>

Price prediction for Coinbase stock as major player dumps shares

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