Why Coinbase Soared Almost 40% This Week
Shares of (NASDAQ: COIN) rocketed 39.8% this week through Thursday trading, according to data from S&P Global Market Intelligence.
The cryptocurrency online broker rallied following the election of Donald Trump, which was thought to be a positive for Bitcoin (CRYPTO: BTC) and other cryptocurrencies as well. Since Coinbase's business is largely predicated on commissions charged as a percentage of crypto bought or sold, its financials are highly leveraged to cryptocurrency prices.
Though a former skeptic on cryptocurrencies, President Trump recently embraced Bitcoin and digital tokens. This past summer, he spoke at a Bitcoin conference in Nashville, where he vowed to have the U.S. government build a strategic Bitcoin reserve, while stating the goal of making the U.S. the "crypto capital of the planet." Moreover, Trump was endorsed by Elon Musk, who has been a big booster of the Dogecoin (CRYPTO: DOGE) cryptocurrency.
Source Fool.com
Coinbase Global Inc. Stock
Our community is currently high on Coinbase Global Inc. with 64 Buy predictions and 12 Sell predictions.
As a result the target price of 232 € shows a very positive potential of 63.47% compared to the current price of 141.92 € for Coinbase Global Inc..
