Why Coinbase Stock Was Up Today

Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were up on Thursday, in spite of somewhat negative news. It seems investors are more encouraged that the cryptocurrency market is showing some stability today after steep recent losses. And that's likely why Coinbase stock was up almost 5% as of 1:30 p.m. ET.

According to The Fly, Redburn analyst Nicholas Watts had previously recommended buying shares of Coinbase. However, today the analyst lowered the stock's outlook to neutral. For perspective, Watts had initiated Coinbase coverage with a buy rating back in August when the stock was trading at around $250 per share. The cryptocurrency stock has plunged roughly 75% since.

Coinbase announced that it's getting rid of Coinbase Pro later this year. Coinbase Pro offered more technical features than the regular Coinbase platform, but the company noted that having two platforms isn't user-friendly -- users have to transfer funds from Coinbase to Coinbase Pro to use it. But Coinbase has features that Coinbase Pro doesn't.

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Source Fool.com