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Despite the milestone of the second quarter of the coinbase, not all are Rosie to the Crypto Exchange as it is ready to discuss its Q2 results tomorrow.
Coinbase’s share price was almost doubled during the quarter – the performance oppenheimer analysts attributed its S&P 500 to progress around the Inclusion and Talent Act (the progress that led to the last route in the beginning of this month).
Coin shares were trading around $ 382 up to 9% a month ago at 1:30 pm on Wednesday.
And yet, in other ways, the coin setup beyond the quarterly print is “unfavorable”, Openhememer’s Owen Lau and Guru Siddharth wrote in a note. They speculate that the Q2 trading volume of the coinbase is ~ $ 220 billion, declining 44% from the pre -quarter.
Morningstar analyst Michael Miller stated that the quantity of transactions would always be a major data point, given the transaction account for the biggest revenue stream of the coinbase.
Furthermore, however, the miller must be listening to comment on pricing pressure (or its lack), as contestants like Robinhood ramped their crypto Prasad in a friendly regulatory environment.
Miller told me, “I am looking for any data or comment on the amount of base transactions of the firm and how much USDC on the firm’s platform and products.” “While coinbase is still highly exposed to cryptocurrency trading, USDC and Base have enjoyed a lot of speed this year.”
Miller revealed in Monday’s note that he has increased his coin “fair price estimate” to $ 170 to $ 205. A part of it was actually due to the rapid feeling of $ 60 billion and Stabeloin-centric Genius Act due to the USDC market cap. If you have forgotten, Coinbase earns interest income on USDC that puts on its platform.
Despite the upgradation of Miller’s coin, he still considers shares as “quite overwalld” because the market reacts to recent crypto price hike.
Openhememer analysts see things a little differently. They have a coin value of $ 417 (in the next 12–18 months).
The Lau and Sidaarth Note Coinbase’s US derivatives and the International Exchange Noteen Values were more flexible than the Values Spot Trading Volume – 22% and 28% respectively, the quarter in the quarter. It is an area that they are more concentrated after the deraibit acquisition of the coinbase.
Maybe the CEO of the Coinbase Brian Armstrong will give us a sense of other possible acquisition goals. As far as link-ups are concerned, the coinbase revealed a partnership with JP Morgan Chase on Wednesday, which lets Chase customers to connect their bank accounts with coinbase wallets.
Lau told me that he would demand guidance from the Coinbase officials tomorrow, as well as any update on the July Trading Revenue.
The coinbase is very attached to DC, and can also offer ideas when they expect the Clarity Act law to be enacted. The bill, which will create a definition for “digital commodities”, received the blessings of the House on 17 July. “From the passage of the Clarity Act, Stabechoin would support the Altcoin Summer after summer after the passage of the Genius Act,” Lau explained.
Add it to the list of things that we are monitoring. never a dull moment.
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