Oppenheimer upgrades Coinbase stock, targets price of $160 per share
Investment bank Oppenheimer has upgraded its rating on Coinbase (COIN) stock to "outperform" with a target price of $160 per share, citing the company's strong performance. Analyst Own Lau pointed out that increased trading volume, recent approval of a Bitcoin ETF, and the potential for Coinbase to win its SEC lawsuit were the main drivers behind the rating upgrade.
Oppenheimer analyst: Coinbase stock may face volatility in the near future due to U.S. SEC lawsuit
Oppenheimer investment bank analyst Owen Lau pointed out that Coinbase continues to face legal uncertainty due to its lawsuit against the US Securities and Exchange Commission (SEC) for alleged violations of securities laws. This may mean that the company's current stock price of $125 may experience fluctuations. Previously, Bloomberg analyst Elliot Stein revealed that Coinbase had a 70% chance of winning the lawsuit. In response to this, Owen Lau stated that although Coinbase's stock price has fallen by about 28% in the past 30 days, it still has a growth rate of 67% in the past three months.
The address starting with 0x276 transferred 187,000 UMA to Coinbase after being dormant for 1 year.
According to blockchain data analyst @ai_9684xtpa, 0x276 starting address transferred 187,000 UMA tokens worth approximately $1 million to Coinbase after a year of dormancy. It is reported that the address had previously transferred 370,000 UMA tokens at an average price of $2.08 from a trading platform in February 2023, with a profit of $1.13 million. Three hours ago, the owner transferred half of the tokens to Coinbase and the other half to a new address starting with 0xCdE.
Bloomberg senior litigation analyst: Coinbase has 70% chance of winning SEC lawsuit
Elliott Z. Stein, a senior litigation analyst at Bloomberg, said that Coinbase has a 70% chance of winning against the SEC. He stated, "I attended the SEC's hearing against Coinbase and believe that Coinbase will win the motion to dismiss the SEC's main allegations (related to trading), but may not be successful in dismissing the charges of custody and broker-dealer." It is reported that Elliott Z. Stein predicted in March last year that Grayscale had a 70% chance of winning against the SEC.
Coinbase NFT: AI-generated NFT service launched
Coinbase NFT stated on X platform that its "Coinbase NFT Instamint" service can now support the creation of NFTs generated by artificial intelligence.
Coinbase slams Consumer Financial Protection Bureau for trying to seize jurisdiction over cryptocurrencies
Coinbase criticizes the Consumer Financial Protection Bureau's attempt to take jurisdiction over cryptocurrencies, as the CFPB plans to regulate digital wallets and encryption software.The cryptocurrency industry is already supervised by multiple regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase questions the CFPB's role in the cryptocurrency field and is prepared to argue that the CFPB exceeds its authority by intervening in cryptocurrencies.Coinbase's Chief Legal Officer, Paul Grewal, wrote to the agency: "The CFPB has never formally sought or been granted the power it now claims over crypto assets in its proposed rules."
Coinbase CFO: The company may face fee compression in the long run
Coinbase's Chief Financial Officer (CFO), Alesia Haas, stated that it is not expected to face immediate trading fee pressure after the arrival of Bitcoin spot ETF, but in the long run, the company may face fee compression. As time goes on, ETFs may become more diversified, using multiple custodians, as issuers hope to reduce reliance on a single company. Haas said the company is prepared for this possibility.
Coinbase Chief Policy Officer: Bitcoin ETF is an important step in clarifying industry regulations and will allow billions or even more funds to enter the market
Faryar Shirzad, Chief Policy Officer of Coinbase, stated in an interview that the approval of Bitcoin ETF for listing means that hundreds of thousands or even billions of dollars, or even more funds, will enter the cryptocurrency market. This is a big deal and also means that the market has taken an important step towards regulatory clarity. Although it is a significant step forward and good for the entire industry, it is still necessary to legislate the cryptocurrency market.
Coinbase partners with stablecoin trading platform Yellow Card to expand business in Africa
Coinbase has partnered with African local stablecoin trading platform Yellow Card to expand its services in Africa as part of its globally compliant development plan. Starting in February, this partnership will enable more than half of the African population to purchase USDC through the Coinbase wallet application. It also allows application users to send stablecoins for free via email and messaging applications such as WhatsApp, iMessage, and Telegram. Yellow Card users can also purchase USDC on the Base network.
CryptoQuant CEO: Coinbase’s OTC trading volume hit $7 billion today, a new high in the past year
According to data disclosed by Ki Young Ju, founder and CEO of CryptoQuant, a chain data analysis company, Coinbase's OTC trading volume reached $7 billion today, a new high in nearly a year.
