As the crypto market cools leaving traders to reshuffle their decks and shine their future prediction orbs. Stocks that are solely dependent on dependent on the crypto market such as Coinbase in this case are feeling the heat at the moment.
Currently, they are trading approximately 12% lower than it was a month ago at $232. Other companies within the market that are tied to the cryptocurrency market, such as Marathon Digital (MARA) fell 2.7% on Friday.
MicroStrategy which is led by Michael Saylor, fell 3.1% on Friday. It’s trading at 18.1% lower than a month ago. Despite Coinbase’s drop in price and uncertainties, analysts and investors are still bullish on the company. BoFa Global Research is still bullish on the company and maintains its price at $340 for the company.
One of the metrics that seem to justify that price is the fact that the company is expanding beyond the crypto market is NFTs, cloud infrastructure, and other investments.
If the crypto market continues to trade within a bear market, it would be interesting to see how the stocks will perform and the perception analysts will have on the entire market.
