Coinbase stock surged 90% in January

Coinbase stock price (COIN) has increased in value by nearly 90% over the past month.

As of January 27, 2023, the market value of COIN was $61.47. This represents a price increase of 88.27% since the asset was valued at $32.65 on December 27, 2022.

Today’s price is also the highest since the beginning of November 2022. As such, it represents the highest price in about three months.

Coinbase’s recent performance is likely due to its strong and enduring reputation within the crypto industry. The company has been in operation since his 2012 and regularly publishes reports on its finances. In this way, Coinbase has been able to maintain a certain amount of credibility even during the collapse of FTX and various other companies.

Coinbase also settled with the NYDFS for $100 million this month, half of which will be spent on improving compliance. The lawsuit against Coinbase is not good news per se, but the constructive nature of the penalties and the relief provided by the conclusion of the lawsuit may be viewed as a positive development.

Positive press coverage from mainstream publications may have also benefited COIN’s value. Fortune, Barron’s, and CNBC all cited encouraging analysis from JMP Securities this month, which may have motivated investors to buy stocks.

The overall growth of the crypto market may have increased the value of COIN as well. For example, Bitcoin is up 39.5% in 30 days and Ethereum is up 33.0%.

Despite this, Coinbase shows signs of weakness. The company laid off his 20% of staff in early January and ceased operations in Japan later that month. Additionally, the company faces his modest fine of $3.6 million in the Netherlands.

Despite COIN’s recent rise, the asset’s current price is significantly lower than its starting price of $342.00. The only two times the stock has reached that value are his April 2021 and November 2021 when trading began.

Posted In: Coinbase, Analysis

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