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Coinbase shares rose 5.6% in early trading.

Tiger Newspress2021-08-09

Coinbase shares rose 5.6% in early trading.

Coinbase’searnings report this week could be pivotal for the stock, one trader says.

Though shares of the cryptocurrency trading platform have fallen from their initial public offering price, “that negativity’s flushed out,” Blue Line Capital founder and President Bill Baruch told CNBC’s“Trading Nation”on Friday.

“I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activity’s where they get paid as well. I think that’s going to pick up” even if major crypto assets such asbitcoinorethereumstruggle, he said.

That bodes well for Coinbase’s second-quarter report, scheduled for Tuesday afternoon, said Baruch, who owns bitcoin and ethereum.

“There’s a good trend line support it’s coming off of and it’s broken out of a wedge of resistance,” he said. “I think this thing can go to 290-300 and I think earnings should be positive and the guidance should be good.”

Coinbase shares ended trading at $258.26 on Friday, up about 1%. They climbed an additional 3.8% to $268 in Monday’s premarket trading session. A run to $290 or $300 would be a 12-16% increase from Friday’s closing levels.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment(53)

  • Rashamon96
    ·2021-08-12
    Up to the sky
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  • Megaverse
    ·2021-08-10
    ?? yes 
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  • Kel9670ong
    ·2021-08-10
    Coinbase go over the moon
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  • AgentW
    ·2021-08-10
    Crypto on the vengeance ??!! Are the big boys inyet? If so it’s the start! 
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  • james_l
    ·2021-08-10
    Hope it goes above 300 levels
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    • Megaverse: 
      Ok
      2021-08-10
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    • tek: 
      Strong likelihood based on current momentum
      2021-08-10
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  • kennykoh
    ·2021-08-10
    Great up up up ! 
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  • ThuSGN
    ·2021-08-10
    Like it !
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  • Nelsont
    ·2021-08-10
    [微笑] 
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  • kenong62
    ·2021-08-10
    Please likeThanks
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  • Ktzy321
    ·2021-08-10
    Bullish
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    • Melvin888: 
      Yes bullish
      2021-08-10
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    • kenong62: 
      roller coaster ride
      2021-08-10
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  • MajorJackpot
    ·2021-08-10
    Sure .. can drop 16% as well..
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  • Pluto891
    ·2021-08-10
    group of believers vs punter vs opportunists. I m a punter. vested interest
    Reply
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  • Mr小白
    ·2021-08-10
    炒炒炒[憤怒] 
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  • All in Tesla
    ·2021-08-10
    Bitcoin goes up so is Coinbase ?
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    • All in Tesla: 
      ?
      2021-08-10
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    • Winner168: 
      Yeah. My next paycheck will buy bitcoin
      2021-08-10
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    • M3Mike: 
      Ya, correlation?
      2021-08-10
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  • 玉树临风英俊
    ·2021-08-10
    ? 
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  • PhilipGoh
    ·2021-08-10
    Rocket ?
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    • Ignis: 
      hi
      2021-08-10
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  • BraydenChin
    ·2021-08-10
    It will continue to go up with the increasing momentum on bitcoin.
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    • tkj: 
      correspondingly, it will go down if bitcoin drops and I am not sure if bitcoin is out of the woods yet
      2021-08-10
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  • NatYong
    ·2021-08-10
    Trading activity’s where they get paid as well. 
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    • JackTL: 
      it is back!!!
      2021-08-10
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  • JaneJane
    ·2021-08-10
    上吧!
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    • AndrewL: 
      Ok
      2021-08-10
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  • Atwosome
    ·2021-08-10
    To the moon
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