What's Going On With Coinbase Stock?

Coinbase Global, Inc. COIN shares are trading higher Wednesday as Bitcoin continues its recent rally. Here's a look at what's going on. 

What To Know:

Shares of crypto-related companies, including Coinbase, are moving higher Wednesday as Bitcoin trades above the $60,000 level, its highest since November 2021. 

Several factors are contributing to Bitcoin's rally including the upcoming halving event and the newly approved spot Bitcoin ETFs. Demand for Bitcoin has increased following the spot ETF approvals, and trading volumes for the nine spot Bitcoin ETFs hit a daily record on Monday. 

Ark Invest, led by Cathie Wood, sold 46,531 Coinbase shares through its flagship ARK Innovation ETF ARKK on Tuesday. 

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COIN Stock Forecast In 2030:

Predicting the future in stock prices over long periods of time is challenging. Wall Street analysts use complex models that take into account interest rates, economic growth, competitive advantages, management teams and historical profitability, among a host of other factors.

If, as an investor, you want to assume most of the major factors remain stable, you can use trend analysis as a helpful tool. Using a longer term trend line or historical performance of the stock, you can aim to forecast a stock's annual rate of return.

For Coinbase Global COIN, over the past 5 years, it's annualized stock performance is -9.51%, and if you assume that trend continues for another 5 years, you can expect a stock to trade at $126.49.

Using a trend line (see how to perform this function here), If you choose to use a trend line, connect your two points and look into the future to the point in time in which you're curious. Once you've identified that stock price, you may want to consider what type of conditions would need to exist for the stock to justify the share price – be it an outside influence or managerial decision making.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 4.27% at $207.72 at the time of publication.

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