Coinbase Global (NASDAQ: COIN), the cryptocurrency exchange operator, advanced by 6.3% to $183.83. The shares traded between $167.89 and $185.49, the latter being the day’s high.
The rise follows a 4.9% fall yesterday to $172.89, when the S&P 500 lost 1.11% and the Nasdaq 1.88%. Even after today’s gain, the shares sit 49.2% below their 52-week high, 30.2% above the 52-week low and 18.7% lower this year. Volume so far is about 0.68 times its 20-day average.
Coinbase Global’s share price over the month to today, with today’s session so far highlighted.
How unusual this is
Today’s move ranks 18th among the largest daily moves of the past 126 sessions. Coinbase also moved by 5% or more on Friday, three sessions ago. The stock is a member of both the S&P 500 and the Nasdaq 100, with a market value of $47.33bn.
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Today’s move set against six months of daily changes in Coinbase Global.
COIN.US
In the news
No specific cause for today’s rise has been identified, with Bitcoin rising only around 0.8%. For background, US stocks fell yesterday after September inflation came in at 3.7% against 3.6% expected, and the 10-year Treasury yield rose more than six basis points to 5.278%. Coinbase’s weakness this year has been put down to a crypto slowdown, lower trading volumes and weaker-than-expected earnings.
Coinbase is next due to report results on the 29th of October. The consensus is for a loss of $0.20 a share on revenue of $1.14bn.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
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