Coinbase Just Gave a Huge "Buy" Signal
Shares of Coinbase (NASDAQ: COIN) jumped as much as 20% on Wednesday, based on little more than a blog post by some leaders in the company's management team. But it was the kind of post that tells a lot about how Coinbase is run, how it's handling the current market turmoil, and what investors should expect in the future.
I saw it as the most bullish signal from Coinbase in a long time. Here's what we learned.
On Wednesday, Coinbase executives Brett Tejpaul, Matt Boyd, and Caroline Tarnok released a blog post that clarified Coinbase's risk related to the bankruptcy or insolvency of Celsius, Three Arrows Capital, and Voyager. These financial meltdowns have collectively unearthed an incredible amount of counterparty risk in cryptocurrencies. The market fears that somehow the risk from these companies will spill over to Coinbase.
Source Fool.com
