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Bitcoin Surpasses $41,000, Coinbase Upgrade: Crypto News
Shares of cryptocurrency exchange Coinbase (PIECE OF MONEY) are trending higher Friday morning following an upgrade from Oppenheimer. The company upgraded Coinbase’s stock from Perform to Outperform, setting a price target of $160 per share.
Bitcoin (BTC-USD) rebounds above $41,000 after decline a week later Spot bitcoin ETFs approved
Yahoo Finance Sean Smith And Brad Smith break down the details.
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Editor’s note: This article was written by Angel Smith
Video transcription
BRAD SMITH: Coinbase shares get a boost with Oppenheimer upgrading the stock to outperform on performance. And initiating its price target at $160 per share. The analyst behind the call, citing Coinbase as being stronger than many people, is stronger than many people think. Excuse me. There you take a look at the $160 price target here. We were looking at stocks a moment ago.
And it’s actually a boost for the broader type of crypto and crypto business names as well. We followed Marathon. This is one of the most trending tickers on the “Yahoo Finance” platform this morning. Pre-market, with about six minutes before trading begins, and Bitcoin as well. Maybe we could take a quick look, just to see how things are going there. Because ultimately, during this week, there was a lot of concern about whether or not we could maintain this level of 40,000. We ended up getting back up. And now I’m past it. We’re also up about 3% for Bitcoin here today.
SEANA SMITH: Yeah. Certainly, we are seeing a return of a certain optimism to the markets. Again, to put this in perspective, Bitcoin has been under tremendous pressure since we got this ruling from the SEC. A lot of that thinking, though, some of that optimism about approval is already baked into the price. We therefore noticed a slight cooling. And you can see that reflected a little bit in the stock chart that we have up there on the screen right now.
So we are now above that level of 41,000. The question is: how high can we go? Can we get back to that 46,000 or 47,000 level that we saw not too long ago. And again, because we see the price of Bitcoin rising here, obviously other names like Coinbase are some of the big leaders in the current market action.
But Oppenheimer here in this Coinbase upgrade calls out a number of catalysts here. First, the prospect of stronger earnings and also improving fundamentals. For this reason, they increase the price target to 160. About $40 higher than the current price.