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Coinbase Stock Price Forecast After the Huge New York Fine
Coinbase stock price surged by more than 6% on the second trading day of the year after the company was fined by New York Department of Financial Services. The stock jumped to a high of $36, which was a few points above last year’s low of $31.95. It has plunged by more than 85% in the past 12 months.
Coinbase settles with New Yok regulators
Coinbase, the biggest crypto exchange in the United States, settled with the Departmnt of Financial Services. As part of the settlement, the company will pay $50 million to New York regulators. It will also be required to spend $50 million into its compliance systems in the next two years.
Coinbase was accused by the Department for not having enough controls to limit money laundering and other financial crimes in its ecosystem. In a statement, the firm said that it had boosted its investments in security and compliance in the past few years.
Coinbase stock price rose by more than 6% after the settlement was announced. Historically, stocks tend to rise when there is a major settlement since they are usually priced by the market. However, the settlement raises concerns that other exchanges could be investigated. The Securities and Exchange Commission (SEC) has been investigating Binance.
Coinbase stock price has been in a strong sell-off in the past few months as concerns about the industry remains. Like Binance, it has seen the amount of outflows increase in the past few months. Also, it has been hurt by the ongoing crypto crash. Bitcoin has plunged from near $70,000 to about $16,000 while the total market cap of all cryptocurrencies crashed by more than $2 trillion.
As a result, Wall Street analysts have downgraded the stock. Those at Barclays downgraded the stock to $37 while those of Piper Sandler, Mizuho, Bank of America, and Atlantic Securities slashed their outlook.
Coinbase stock price forecast
The daily chart shows that the Coinbase stock price has been in a strong sell-off in the past few months. This decline saw it crash below the important support level at $44.17, which was the previous all-time low.
It has also moved below all moving averages while the Relative Strength Index (RSI) and Stochastic Oscillator pointed upwards. Therefore, I suspect that the shares will continue being turbulent in Q1 ahead of an eventual recovery later this year.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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