Name of opportunity: 👀
Coinbase Global Inc
S&P 500 Inclusion 🙌
Coinbase has surged in price by nearly 10% over the past day. This might be because the company has cut some cryptocurrencies from its listing, just before joining the S&P 500 today.
Coinbase is a growth stock that is currently performing well with strong revenue and profits. The average analyst recommendation for this stock is ‘buy’.
How hot is this investment opportunity? 🔥🔥🔥
Analysts predict the price of Coinbase Global Inc might increase from $266.46 to $303.61 in the next 12 months. If you invested $1000, you might profit $139.41.
Cryptocurrency exchange company Coinbase is set to join the S&P 500 today, becoming the first crypto firm to be added to the benchmark index. The company will be replacing Discover Financial Services. This inclusion might be one of the reasons behind the price surge for Coinbase. It might have boosted investor confidence in the company with Coinbase being the first crypto exchange to be added to the popular benchmark index, indicating a slow integration between crypto and traditional finance.
Coinbase has also made some changes to its listings, as it removes Movement (MOVE) from its platform. The company also removed Gemini Dollar (GUSD), and GYEN too. However, Coinbase has reassured users that their MOVE tokens remain secure and can still be withdrawn at any point in time. MOVE has been removed after concerns about market manipulation, with the token currently under investigation, so this decision may have been made to protect Coinbase’s users as well as Coinbase’s reputation.
Coinbase has also revealed that it will be making Coinbase Wrapped Staked Ethereum (CBETH) accessible to the residents of New York, marking another change that the company is making. These strategic changes might have contributed to the rise in stock price over the past day.
World’s largest bitcoin custodian 🪙
Coinbase is an American cryptocurrency stock exchange company that has over 100 million users, is the largest U.S-based crypto exchange, and the largest bitcoin custodian in the world as of 2024.
Which neme?: 🔍
‘Top Gainers Today’, ‘Stocks On The Move’ ‘Meme Stocks’, ‘Crypto’
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