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Bitcoin Surpasses $41,000, Coinbase Update: Cryptocurrency News
Shares of the cryptocurrency exchange Coinbase (CURRENCY) are trending higher Friday morning following an update from Oppenheimer. The firm upgraded Coinbase shares from Perform to Outperform, setting a price target of $160 per share.
Bitcoin (BTC-USD) is climbing back above $41,000 after dropping a week later Spot Bitcoin ETFs have been approved
Yahoo Finance Sean Smith AND Brad Smith break down the details.
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Editor’s Note: This article was written by Angelo Smith
Video transcription
BRAD SMITH: Coinbase stock is getting a boost with Oppenheimer upgrading the stock to outperform on performance. And starting its price target at $160 per share. The analyst behind the call who cites Coinbase as stronger than many people, is stronger than many people believe. Excuse me. Here, take a look at the $160 price target here. We were taking a look at the stock a moment ago.
And this is actually a benefit for the broader type of cryptocurrencies and also for the cryptocurrency trading names out there. We were following Marathon. This is one of the most trending tickers on the “Yahoo Finance” platform just this morning. Pre-market, with about six minutes before trading begins, and also Bitcoin. Maybe we can take a quick look at it just to see how things are going there. Because, ultimately, over the course of this week, there was a lot of concern about whether or not we could hold this 40,000 level. Eventually we recovered. And now we’re over it. Even today we are up about 3% for Bitcoin here.
SEANA SMITH: Yes. We are certainly seeing some optimism return to the markets. Again, putting this in perspective, Bitcoin has been under tremendous pressure since we received that decision from the SEC. Much of that thinking, though, some of that optimism of approval already built into the price. So we’ve seen some cooling. And you can see that reflected a little bit in the stock chart that we have on the screen right now.
So now we are above the 41,000 level. The question is: how much higher can we go? We can get back to that 46,000, 47,000 level that we saw not too long ago. And again, as we’re seeing the price of Bitcoin rise here, obviously, other names like Coinbase are among the big leaders in today’s market action.
But Oppenheimer here in this Coinbase update calls out a number of catalysts here. The first is the prospect of stronger earnings and also improving fundamentals. For this reason, they are raising the target price to 160. About $40 higher than today’s trading price.