Bitcoin's Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
The cryptocurrency's price discovery still remains rooted in global demand trends, the note said. Bitcoin's {{BTC}} recent weakness has not been isolated to crypto markets and therefore is not indicative of sector-specific capitulation, Coinbase (COIN) said in a research report Friday. Coinbase notes that both equities and gold have been trading lower since reaching highs in mid-April, against the backdrop of a strengthening dollar. The world's largest cryptocurrency fell 16% in April, in the biggest monthly decline since June 2022. “What leaves us optimistic in this pullback is that BTC's maximum drawdown from peak is at 23%, below its historical range,” analysts David Han and David Duong wrote. “We believe that this trend of overall reduced drawdowns will persist, in part because of the legitimization of BTC as a macro asset,” the authors wrote. This has been reinforced by spot exchange-traded funds (ETFs) in the U.S., Canada and Europe and also by the recently launched ETF
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- The Mooch, Andrew Yang, and crypto's tipping point [Yahoo! Finance]Yahoo! Finance
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- The Mooch, Andrew Yang, and crypto's tipping point [Fortune]Fortune
- Fund Managers Brace for SEC Rejection of Ether-ETF Applications [Yahoo! Finance]Yahoo! Finance
- Fund Managers Brace for SEC Rejection of Ether-ETF Applications [BNN Bloomberg (Canada)]BNN Bloomberg
COIN
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- 5/2/24 - Beat
COIN
Sec Filings
- 5/17/24 - Form 4
- 5/15/24 - Form 4
- 5/15/24 - Form 4
- COIN's page on the SEC website