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What’s Happening with Coinbase Global Stock? Analyzing Recent Trends in Coinbase Global Stock – COIN (NASDAQ:COIN)

A Closer Look at Recent Developments

Coinbase Global, Inc. (COIN) shares are trading lower on Tuesday, despite an overall 5% increase in the stock price over the past month. Recent developments, including an analyst’s price target raise, have garnered attention.

Key Highlights

On Monday, an analyst at Needham raised Coinbase Global’s price target from $160 to $180, maintaining a Buy rating. The company was selected as the top pick for 2024 and added to the Conviction List, emphasizing its product growth, including the derivatives launch and international expansion.

Coinbase obtained approval from France’s AMF watchdog as a virtual asset service provider (VASP) in late December. This positions the company to offer services in countries throughout the European Union when the European Union’s Markets in Crypto Assets (MiCA) regulation is implemented.

The anticipation of a potential approval of a spot Bitcoin ETF has piqued investor interest, with Bitcoin’s rally near 2-year highs. Shares of crypto-related firms like Coinbase have surged, reflecting heightened enthusiasm for cryptocurrencies, propelling Coinbase shares up over 90% in the past six months.

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Evaluating COIN Stock Price Action

According to Benzinga Pro, Coinbase Global shares are up by 2.7% and trading at $155.01 at the time of publication.

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