Coinbase Stock Bounces Off Bottom, But Is the Selling Over?
In today's rather welcome bullish rally across most risk assets, Coinbase (NASDAQ: COIN) is among the top stocks in focus. As of 12:30 p.m. ET, this crypto-focused company has seen its valuation surge 4.2% since yesterday's close.
This move appears to be a bounce back rally, following a rather dismal performance yesterday. Coinbase shares hit their lowest level on record, with the regulated centralized crypto exchange seeing its market capitalization briefly dip below the $10 billion range. That's down dramatically from its peak of more than $76 billion last year.
Two analyst downgrades were partly responsible for Monday's move, which also coincided with a plunge in Coinbase's 2031 bonds, which hit 51 cents on the dollar yesterday. This level implies a yield to maturity of more than 13%, signaling the market believes Coinbase may not make it out of this mess.
Source Fool.com
