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Recently a Citi analyst is reported to be looking over movements of Coinbase stock price. Peter Christiansen – the said analyst from banking giant Citi – initiated a catalyst watch on the stock of Coinbase for a time frame of 90 days.
Several instances occurred recently that, like Coinbase partnership deal with BlackRock, made an impact on crypto exchange price. Additionally, instances like releasing of earning reports in the second quarter of 2022 could also affect the stock price. However, Christiansen’s lookout of Coinbase stock price movement does not include them.
The Merge Makes the Analyst Curious
Chrisitnasen shared a note to the clients noting the details of his observation. He admitted to keeping an eye on the stock price of Coinbase after ‘The Merge’ upgrade. Along with the Ethereum network upgrade, he also said to look over the developments following the possible legislation around stablecoins regulation.
The Merge upgrade would make the transition of Ethereum network from current proof-of-work consensus mechanism to proof-of-stakes. Also the upgrade would represent the annual blockchain rewards revenue worth hundreds of millions USD for Coinbase. It is also said to bring much needed push in the Web 3.0 development, Citi analyst added in the note.
Recent Surge in Coinbase Stock Price
Stock prices of the leading crypto space in the US have seen significant growth last week. On 4th August, Coinbase announced their partnership with world’s largest asset management firm, Blackrock. The news of their partnership received significant response from the community and it was reflected in the increasing stock price of crypto exchange.
After the announcement, the share price shot up by 10% in just a day. However, Coinbase is trading below almost 75% from its all-time high last year. Currently it is trading at 93.05 USD with a gain of more than 4% in a day. Also Coinbase will be releasing its second quarter earning report on 9th August, 2022.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
