{"id":60293,"date":"2023-09-13T03:55:57","date_gmt":"2023-09-13T07:55:57","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/coinbase-stock-bear-sees-reality-check\/"},"modified":"2023-09-13T03:56:00","modified_gmt":"2023-09-13T07:56:00","slug":"coinbase-stock-bear-sees-reality-check","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60293","title":{"rendered":"Coinbase Stock Bear Sees ‘Reality Check’"},"content":{"rendered":"
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\n Coinbase Global
\n stock has rocketed in 2023, and a bearish analyst wondered if bitcoin prices and volumes on the cryptocurrency-exchange platform are \u201cGetting a
Divorce?\u201d<\/p>\n

Coinbase stock (ticker: COIN) have rocketed about130% this year. Shares have been lifted by news of a legal win by a crypto asset manager \u00a0Grayscale Investments that paved the way for a spot Bitcoin exchange-traded fund. Another ruling In July that said a token called XRP created by Ripple Labs didn\u2019t qualify as securities transactions has also boosted Coinbase stock. Mizuho\u2019s Dan Dolev has kept his Underperform rating Coinbase stock through it all, having downgrading from Neutral in December last year. His price target of $27 is a far cry from the $80.62 Coinbase stock closed at on Monday. <\/p>\n

\n

Dolev wrote in a Tuesday research report, \u201cIs the saying: \u2018as goes bitcoin, so goes COIN\u2019 no longer valid? In the past, rising
bitcoin prices drove up retail engagement.\u201d <\/p>\n

He added, \u201cUnlike in prior cycles, [fear of missing out] no longer entices investors to trade bitcoin when prices rise the way it did in prior years.\u201d<\/p>\n

Dolev wrote, \u201cWith retail accounting for 95% of trading revenue, we worry that the YTD rise in COIN\u2019s stock is unsustainable. We expect a reality check to follow.\u201d<\/p>\n

The reality check he sees isn\u2019t here yet. Coinbase stock is up 3.3% to $83.30 in Tuesday morning trading.<\/p>\n

Coinbase didn\u2019t immediately respond to a request for comment. <\/p>\n

Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase Global stock has rocketed in 2023, and a bearish analyst wondered if bitcoin prices and volumes on the cryptocurrency-exchange platform are \u201cGetting aDivorce?\u201d Coinbase stock (ticker: COIN) have rocketed about130% this year. Shares have been lifted by news of a legal win by a crypto asset manager \u00a0Grayscale Investments that paved the way for […]<\/p>\n","protected":false},"author":1,"featured_media":60294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-60293","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCoinbase Stock Bear Sees 'Reality Check' | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Coinbase Global stock has rocketed in 2023, and a bearish analyst wondered if bitcoin prices and volumes on the cryptocurrency-exchange platform are\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60293\" \/>\n<meta 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