What Will Be The Coinbase Stock Price This February 2023
Based on an analysis of forecast data, the price of COIN is expected to go above $103.24. By the end of the year, the minimum fee for Coinbase’s tokenized stock FTX is expected to be $45.75. Also, the COIN price can go as high as $115.14. Cryptocurrency investors and owners need to know the Coinbase tokenized stock FTX Price Prediction 2023.
The price of COIN is expected to be $44.21, including $94.53, in February 2023. The highest price will be $115.03.
What is Coinbase?
Coinbase is a centralized platform for buying and selling cryptocurrencies that are best known for their exchange. It works with both individual investors and traders and large financial institutions.
Users can use more than just the crypto exchange. They can also use interest-earning products, derivatives, credit cards, lending services, and the NFT marketplace, which just opened. It offers crypto custody, which stores, protects, and ensures large amounts of crypto assets for institutional customers.
What kind of money does Coinbase make?
In a recent letter to its shareholders, this type of crypto said that most of its money comes from transactions that its users make with cryptocurrency. The rest of its income comes from “subscriptions and services,” as it puts it. Most of the money comes from rewards on the blockchain and fees from custodial accounts.
Is it thought that Coinbase stock will go up?
Predictions for the price of this are all over the place. It’s a growth stock, which means it has a high chance of making a lot of money but also a high chance of losing a lot of money.
Coinbase had to deal with “headwinds” in the market last quarter, and the collapse of a rival exchange, FTX, has sent ripples through the market as a whole. In fact, Coinbase released a research report on November 15 that said the collapse of FTX could make the crypto winter last longer, maybe even until the end of 2023.
Fortune reported in May that well-known investor Jim Chanos thinks that the price of this crypto stock will continue to drop over the next year because of more competition and less money coming in. He thinks that the price could drop to $23 per share. Later, Chanos criticized Coinbase’s high-priced business model, saying that brokers like Fidelity and Vanguard would eventually offer the same services Coinbase does at a lower price.
Still, it’s clear that a lot of people still believe in the stock’s future. CNN Business polled 30 analysts, and the answer from most of them was “hold.”
Final Thoughts
As per data from CoinGecko, the overall market capitalisation has dropped from $3 trillion in November 2021 to about $863.19 billion as of December 18, 2022. This means that the volume of crypto trading has dropped off a cliff. Coinbase’s Q3 2022 earnings report says that the market cap dropped by 30% just in that quarter.
Even though the short-term outlook doesn’t look good for Coinbase, it has always been able to keep going. Taking all of these things into account, Coinbase has to be seen as a high-risk, high-reward speculation.
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