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%.
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