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Why Lower Bitcoin Price Is Good For Coinbase ($COIN)?

by Miki 07/15/2021
by Miki 07/15/2021 0 comment

According to a Goldman Sachs analyst, profits for Coinbase will remain intact irrespective of a decline in BTC price. The prediction from the analyst came just a day before the finalization of Coinbase’s second quarterly report.

Goldman Sachs has reinstated their “buy” ratings for Coinbase, pointing out that regardless of an upcoming change in Bitcoin (BTC) price, the company may remain in surplus. 

Bitcoin has been volatile in 2021, with a tremendous hike in April of up to $65,000; and a terrible fall from May onwards, down to $31,752 as of today. however, Goldman Sachs’ predictions are in favor of the exchange platform, indicating that a “Significantly elevated crypto asset volatility” caused a trading boom that will mean consistent trading operations on Coinbase.

Crypto Crash did not bankrupt exchanges, but they reaped the losses

Coinbase has been down a third in stock prices after a record-breaking high in April. With Bitcoin (BTC) and other cryptocurrencies losing over $1 trillion since the beginning of the year, Coinbase stock prices have suffered from the bear run. Nevertheless, Coinbase has maintained revenue because of constant investments from traders in Bitcoin (BTC) and other coins even after the crash.

The Bitcoin price crash was triggered by the Chinese Crypto Crackdown. China’s government has launched a crackdown on the crypto market, from the ban on mining throughout the nation to the great miner’s migration, many crypto businesses may get caught in the crossfire. 

Along with Coinbase, exchange platforms like Kraken, Binance and Bitstamp, were down by 40% in June, according to recent reports by CryptoCompare. Spot trading volumes also dropped 42.7% by May, to $2.7 trillion, with derivative volumes down 40.7% to $3.2 trillion, according to Reuters.

“The digital asset ecosystem got punched in the face, so it’s currently up against the ropes versus fighting in the middle of the ring…Typically when you have large sell-offs, participants are quite fearful and pull back their chips.” Teddy Vallee, chief investment officer at Pervalle Global, told CNBC.

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The New Jersey Crypto News
  • Home
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    • Bitcoin
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    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

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      11/12/2021

      Learn

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      How to Start Trading Cryptocurrency

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      Learn

      How to Create Your Own Cryptocurrency

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  • Analysis
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      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

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      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

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      12/28/2021

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      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

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