EddieJayonCrypto
29 Nov 23
This article examines the impact of Binance's recent multibillion-dollar settlement with the U.S. government on the stock performance of Coinbase Global (NASDAQ:COIN). Since the settlement, COIN has seen a 20% rally, driven by the expectation of market share gains following outflows from Binance. Ho...
This article examines the impact of Binance's recent multibillion-dollar settlement with the U.S. government on the stock performance of Coinbase Global (NASDAQ:COIN). Since the settlement, COIN has seen a 20% rally, driven by the expectation of market share gains following outflows from Binance. However, Mizuho analyst Dan Dolev believes that this excitement may be overdone, pointing to data that shows COIN's market share of industry volumes fell by about 30 basis points after Binance's settlement. Despite this, trading volumes increased notably in November, driven by growing optimism around the potential approval of a spot Bitcoin (BTC-USD) ETF. Additionally, Barclays' Benjamin Budish has argued that the Binance settlement will not threaten Coinbase's competitive position, suggesting that the company's dominance in the U.S. market is unlikely to be significantly impacted.
More about Coinbase Global Inc
Key financial metrics for Coinbase Global Inc show a market cap of $30,688,086,000 and a trading volume of $2,627,473,000. The stock has a price-to-earnings ratio of 88.29 and a price-to-sales ratio of 3.27. In terms of stock performance, the company has experienced a 3.2% decrease in recent trading, with a 11.3% change in the past year. Market sentiment is slightly bearish, with a negative margin of -0.28. As a provider of financial infrastructure and technology for the crypto economy, Coinbase Global Inc operates in the finance services sector.
Disclaimer:This is not financial advice. Please do your own research before investing in any asset.