Coinbase Stock Price Soared 90% in January
Coinbase stock price has risen nearly 90% over the past month.
As of Jan. 27, 2023, the market value of Coinbase stock (COIN) was $61.47. This represents an 88.27% increase in price from December 27, 2022, when the asset was traded at $32.65.
Today’s price is also the highest value that the stock has reached since the beginning of November 2022. As such, it represents an approximate three-month high.
Coinbase’s recent performance is likely due to its strong and lasting reputation within the crypto industry. The company has been in operation since 2012 and regularly publishes reports.on its finances. As such, Coinbase has managed to maintain a certain amount of trust, even amidst the collapse of FTX and various other companies.
Coinbase also settled with the NYDFS this month for $100 million, half of which the company will spend on compliance improvements. Though the case against Coinbase is not good news in and of itself, the constructive nature of the penalty and the reassurance provided by the case’s conclusion may be seen as a positive development.
Positive coverage from mainstream publications may also have benefited the value of COIN. Fortune, Barron’s, and CNBC all cited encouraging analysis from JMP Securities this month, which may in turn have motivated investors to buy the stock.
Overall growth in the crypto market might have improved Coinbase stock price as well. Bitcoin, for example, is up 39.5% over 30 days, while Ethereum is up 33.0%.
Coinbase nevertheless has shown some signs of weakness: the firm laid off 20% of its staff in early January and shut down operations in Japan later in the month. Furthermore, the company faces a moderate $3.6 million fine in the Netherlands.
Despite COIN’s recent growth, the asset’s current price is significantly below its starting price of $342.00. The stock has only reached this value twice: when it began trading in April 2021, and again in November 2021.
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