Shiba

Burn

Bitcoin

when

Shiba Inu

<ul>
 <li>Investing in Coinbase has yielded a 300% return in the last 12 months.</li>
 <li>The price has recovered and is now trading over $250 after the steep decline.</li>
</ul>
With a 60% increase from the start of the year, Coinbase (COIN) stock has shown remarkable growth in the last few weeks, regaining its listing price and trading at $256 at the time of writing.
After a steep decline during the crypto winter, when shares fell to $33 in 2023, the price has recovered and is now trading over $250 for the first time since March 8, a full two years ago. Investing in <a href="https://thenewscrypto.com/coinbase-faces-yet-another-outage-amid-bitcoins-soaring-highs/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> has yielded a 300% return in the last 12 months.
<h3 class="wp-block-heading" id="h-positive-developments">Positive Developments</h3>
Adding fuel to the fire is the price performance of <a href="https://thenewscrypto.com/bitcoin-btc-may-reach-new-all-time-high-before-2024-halving-boosting-these-2-altcoins/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, which also reached a record high on March 8 and briefly touched $70,000 before settling back down to about $68,000. The cryptocurrency rise is being propelled by rising inflows from Bitcoin ETFs and excitement over BTC’s impending halving.
In this regard, on March 1, just seven weeks after its introduction, BlackRock’s iShares Bitcoin Trust (IBIT) hit $10 billion in AUM. A portion of the revenue from Bitcoin ETFs go to Coinbase. The majority of the asset managers that introduced Bitcoin exchange-traded funds (ETFs) in January have collaborated with Coinbase Custody, its custodial arm. The anticipated revenue for the business from these products is $25–$30 million.
According to the most recent earnings report, the cryptocurrency exchange had a strong Q4 of 2023. With a 45.2% rise from the third quarter, Coinbase’s net revenue in Q4 2023 reached $905 million, surpassing the consensus projection of $825 million.
Kenneth Worthington, an analyst at <a href="https://www.jpmorgan.com/global" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a>, recently changed the stock’s recommendation from underweight to neutral, pointing to the beneficial effect of Bitcoin ETFs on cryptocurrency markets. Worthington has given a target price of $80 on the company, which is much lower than where it is trading now.
Moreover, <a href="https://www.goldmansachs.com/" target="_blank" rel="noopener noreferrer nofollow">Goldman Sachs</a> also upgraded the shares of crypto exchange Coinbase (COIN) recently from sell to neutral, ending its negative position.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/will-the-shiba-inu-team-execute-10t-shib-burn-in-march/" target="_blank" rel="noopener noreferrer nofollow">Will the Shiba Inu Team Execute a 10T SHIB Burn in March?</a>

Goldman Sachs Upgrades Coinbase to Neutral Amid Stock Surge

Table of Contents

TheNewsCrypto

Other articles published on Mar 9, 2024

DOGE Hits 2-Year Peak: Can the Rally Last? AI Crypto Presale Achieves Noteworthy Milestone

Potentieel ontsluiten: Top Altcoins die omhoog kunnen schieten

LTC Has ‘Far Higher Chances’ of Spot ETF Approval Than Ethereum, Major Asset Manager Begins Accum...

Experts say this new coin is like buying Solana at $1!

Crypto Scams Dominate Investment Fraud Epidemic In The US: FBI

Bitcoin Price Surge Expected as Halving Approaches

Join our free newsletter for daily crypto updates!