2023-1-28 00:42 |
The value of Coinbase’s stock (COIN) rose nearly 90% over the past month.
As of Jan. 27, 2023, COIN’s market value was $61.47. That represents an 88.27% price increase from Dec. 27, 2022, when the asset was valued at $32.65.
Today’s price is also the highest value that the stock has reached since the beginning of November 2022. As such, it represents an approximate three-month high.
Coinbase’s recent performance is likely due to its strong and lasting reputation within the crypto industry. The company has been in operation since 2012 and regularly publishes reports.on its finances. As such, Coinbase has managed to maintain a certain amount of trust, even amidst the collapse of FTX and various other companies.
Coinbase also settled with the NYDFS this month for $100 million, half of which the company will spend on compliance improvements. Though the case against Coinbase is not good news in and of itself, the constructive nature of the penalty and the reassurance provided by the case’s conclusion may be seen as a positive development.
Positive coverage from mainstream publications may also have benefited the value of COIN. Fortune, Barron’s, and CNBC all cited encouraging analysis from JMP Securities this month, which may in turn have motivated investors to buy the stock.
Overall growth in the crypto market might have improved COIN’s value as well. Bitcoin, for example, is up 39.5% over 30 days, while Ethereum is up 33.0%.
Coinbase nevertheless has shown some signs of weakness: the firm laid off 20% of its staff in early January and shut down operations in Japan later in the month. Furthermore, the company faces a moderate $3.6 million fine in the Netherlands.
Despite COIN’s recent gains, the asset’s current price is significantly lower than its $342.00 starting price. The stock only reached that value on two occasions: in April 2021, when trading began, and once again in November 2021.
The post Coinbase stock surged 90% in January appeared first on CryptoSlate.
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