Mizuho's Dan Dolev says fear of missing out, or FOMO, is fading as a driver for shares of cryptocurrency-exchange platform Coinbase.
Coinbase Global stock has rocketed in 2023, and a bearish analyst wondered if bitcoin prices and volumes on the cryptocurrency-exchange platform are “Getting aCoinbase stock have rocketed about130% this year. Shares have been lifted by news of a legal win by a crypto asset manager Grayscale Investments that paved the way for a spot Bitcoin exchange-traded fund.
Newsletter Sign-up Dolev wrote in a Tuesday research report, “Is the saying: ‘as goes bitcoin, so goes COIN’ no longer valid? In the past, risingHe added, “Unlike in prior cycles, [fear of missing out] no longer entices investors to trade bitcoin when prices rise the way it did in prior years.” Dolev wrote, “With retail accounting for 95% of trading revenue, we worry that the YTD rise in COIN’s stock is unsustainable. We expect a reality check to follow.”
The reality check he sees isn’t here yet. Coinbase stock is up 3.3% to $83.30 in Tuesday morning trading.Write to Karishma Vanjani at [email protected].
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