Coinbase $COIN stock rose in early trading on September 9, 2022, Daiwa Capital upgraded the stock from Outperform to Buy and maintained a $100 price target.
Coinbase upgraded to Buy at Daiwa ahead of Ethereum Merge
On September 9, 2022, Daiwa analyst Carlton Lai upgraded Coinbase to Buy from Outperform with an unchanged price target of $100 following the retracement in share price over the past month. After “years of delay,” the Ethereum Merge, which he deems “one of the crypto industry’s biggest events this year,” is scheduled to take place during September 13-15, Lai tells investors. He believes Coinbase holds close to 15% of all circulating Ethereum on its platform, making it one of the largest holders of Ethereum globally and a “key beneficiary” of increased Ethereum staking demand post-Merge, Lai said. Lai noted that he projects $554M in total staking revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... for Coinbase in 2023, which would be up 73% year-over-year.
Dark Pool Orders In Coinbase $COIN Stock
Guerilla Stock Trading has detected dark pool trades in Coinbase $COIN stock.
We think that the dark pool trades were buy orders because of how $COIN stock rose immediately following the dark pool prints.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Coinbase funding suit challenging Treasury’s Tornado Cash sanctions
On September 8, 2022, Coinbase said it is funding a lawsuit brought by six people challenging the U.S. Treasury Department’s sanctions on the Tornado Cash smart contracts and is asking the court to remove them from the U.S. sanctions list. “The sanctions exceed Treasury’s authority, harm innocent people, remove privacy and security options for crypto users, and stifle innovation,” Coinbase wrote in a blog post. Tornado Cash is an open source piece of software running on the Ethereum blockchain that “preserves privacy by allowing users to deposit assets from one crypto address and withdraw them using a different crypto address,” the company said. “We have no issue with the Treasury sanctioning bad actors, and we take a hard stance against unlawful behavior. But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals,” it added. Source: https://blog.coinbase.com/defending-privacy-in-crypto-e09db33dece8
📺 Around the Block Ep 34: Tornado Cash: What Happened and Implications for Crypto
📈 Coinbase $COIN Chart Technical Analysis
Coinbase $COIN stock is in a technical downtrend. The stock is currently testing a downtrend top resistance.