KBW Raises Coinbase Price Target to $230, Citing Unique Exposure to Crypto Economy
KBW, a broker, has increased its price target for Coinbase from $160 to $230 due to the unique exposure the crypto exchange offers to the long-term growth of the crypto economy. The report highlights that Coinbase's trading activity continues to surge, with daily volume for March averaging $5.1 billion. The growth in USDC outstanding balances, elevated crypto asset levels, and retail re-engagement from trough levels in 2023 are seen as significant near-term revenue opportunities for Coinbase. However, the legal battle with the SEC and uncertain regulatory environment make it difficult for institutional investors to own the stock.
Coinbase Launches Command Line Interface for Testing Coinbase International Exchange API
According to official sources, Coinbase has launched a command-line interface for testing Coinbase International Exchange API. INTX CLI is a command-line interface that allows developers to test Coinbase INTX REST API without having to write any code. It provides a simple solution to test various operations such as placing orders and retrieving transaction details. This CLI simplifies the development workflow and speeds up integration.
Coinbase Derivatives delays DOGE contract launch to April 29
Coinbase Derivatives has postponed the launch of Dogecoin (DOGE) futures contracts from April 1st to April 29th.
The balance of Coinbase Pro Bitcoin wallet has decreased by more than 50,000 coins in the past 30 days, and Gemini has increased by more than 16,000 coins in the same period.
On March 23rd, Coinglass data shows that the current balance of Bitcoin wallets on Binance is 542,030.77, ranking first. Additionally, the balance of Bitcoin wallets on Coinbase Pro is 329,062.09, with 14,724.77 coins flowing out in the past 24 hours and 57,406.94 coins flowing out in the past 30 days. The balance of Bitcoin wallets on Gemini is 132,858.92, with 271.59 coins flowing out in the past 24 hours and 16,283.46 coins flowing in the past 30 days.
Coinbase's Ancillary Businesses Offer Just as Big an Opportunity as Exchange, Says JMP Securities
According to a research report by JMP Securities, Coinbase's ancillary businesses are experiencing momentum and growth opportunities. The report notes that Coinbase's daily spot trading volume in Q1 has more than doubled from the previous quarter, and its newly launched derivatives platform is scaling quickly. JMP sees an opportunity for Coinbase to participate in the future growth and innovation of the sector by working with traditional finance firms rather than competing with them. The broker has a market outperform rating on Coinbase shares with a $300 price target.
Coinbase Strongly Opposes Senators Urge to Stop Approval of Cryptocurrency ETFs
Paul Grewal, the Chief Legal Officer of Coinbase, criticized a letter written by two US senators urging the Securities and Exchange Commission (SEC) to implement stricter regulations on Bitcoin exchange-traded funds (ETFs) and to avoid approving any further cryptocurrency ETF applications. In a post on March 15th, he challenged the claims made by Senators Jack Reed and Laphonza Butler and defended the necessity of expanding the ETF market to include assets beyond Bitcoin.
Coinbase International Exchange has become a certified exchange on CCXT Library
Coinbase International Exchange has announced that it has become a certified exchange on the CCXT Library. Institutional users with Coinbase International Exchange accounts can now trade through CCXT, which provides software for accessing market data and algorithmic trading.
JPMorgan Raises Coinbase Price Target to $150, Cites Ether as Key Driver of Earnings
JPMorgan has stated that the Ethereum network and its token ether (ETH) could have a significant impact on the wider cryptocurrency ecosystem and be a positive driver of Coinbase's earnings. The bank has raised its price target for Coinbase to $150 from $95 to reflect the crypto market rally and the positive impact of ether on the exchange's revenue. JPMorgan also sees the progression along the Ethereum roadmap, including the recent Dencun upgrade, as driving crypto development and creating a longer-term positive for Coinbase. The bank believes that the longer-term success of Coinbase will be driven by development, with a focus on tokenization and payments.
JPMorgan raises COINBASE price target to $150 from $95
JPMorgan has raised its target price for COINBASE from $95 to $150.
Coinbase Wallet has integrated Blockaid security tool
Coinbase Wallet, a self-service wallet operated by the owner of the cryptocurrency exchange Coinbase, integrated Blockaid security tools by the end of 2023, but only recently disclosed this news. The two companies stated that, with the integrated Blockaid technology, Coinbase has successfully prevented over $75 million in funds from being stolen. According to the announcement, the security tool blocked nearly 800,000 wallet connections to malicious decentralized applications (DApps) by scanning and analyzing 114 million transactions and DApp connections.
