Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News


Coinbase shares are up 15% on Monday: explore why

Shares of Coinbase Global Inc (NASDAQ: COIN) – the largest U.S. based cryptocurrency exchange are up nearly 15% this morning after a notable rally in Bitcoin and Ethereum.

Coinbase shuts down its U.S. affiliate programme

Also on Monday, the Nasdaq-listed firm said it’s “temporarily” terminating its U.S. affiliate programme until “somewhere” in 2023. In an email to creators, Coinbase wrote:

Due to market conditions and outlook for remainder of 2022, Coinbase is unable to continue supporting incentivised traffic to its platform. We’ve established valued partnerships through our affiliate platform that we hope to renew in the future.

The bounce on Monday, however, was primarily related to Bitcoin and Ethereum that are now up more than 25% and 60% versus their respective lows in June.

Wall Street sees another 70% upside in Coinbase stock

Crypto seems to move in synergy with the equity markets of late. As stocks recovered over the past week, so did Bitcoin and Ethereum. Today is a much-needed relief for Coinbase that’s been struggling on the widely-talked-about macro headwinds in 2022.

Last month, it announced plans of cutting workforce by 18% to minimise costs ahead of a “possible recession”. Still, Wall Street currently rates the stock at “overweight” and sees another 70% upside from here on average.

Coinbase is set to report its current quarter results in the second week of August. It’s not the only crypto-related stock that’s booming on Monday. MicroStrategy that owns over 129,000 bitcoins is also up more than 10%.

The post Coinbase shares are up 15% on Monday: explore why appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Tele2 AB today announces a new partnership with security experts EBS to deliver a secure and managed IoT connectivity solution. Tele2 will support EBS...


    Anyone who has filled up the tank of their car this year will be aware of the rollercoaster ride that the price of oil...

    Latest News

    Sen. Patrick Leahy “was not feeling well” on Thursday and was admitted to the hospital overnight for observation, his office said in a statement....

    Latest News

    Joe Manchin is forcing Democrats into a brutal choice: Take a deal now to lower the costs of health care premiums and prescription drugs,...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023