- The firm had recently lowered the rating, citing the fading excitement around Bitcoin ETFs.
- The price of Bitcoin burst out of its range and went beyond $50,000.
From “underweight,” JPMorgan’s rating for crypto exchange Coinbase was raised to “neutral” in a surprising move. The announcement of the full-year results is imminent, and the rating arrives at a critical juncture.
The stock was raised from underweight to neutral by JPMorgan, which improved Coinbase’s rating. The investment bank has recently come to terms with the fact that the market dynamics have changed, particularly in relation to the values of Ethereum and Bitcoin. The rating elevation follows JP Morgan’s recognition of a substantial upswing in cryptocurrency markets, which bodes well for Coinbase’s future prospects.
Significant Momentum
The firm had recently lowered the rating, citing the fading excitement around Bitcoin ETFs as the reason. This had put pressure on the cryptocurrency markets for a while. A recent upswing in prices, nevertheless, has contributed to improving spirits in the crypto market.
A far longer quiet trading session preceded the increase in Bitcoin prices. The market saw the solidification of views around the widespread adoption of cryptocurrencies. Yet, investor enthusiasm for the newly issued financial asset plummeted and Bitcoin’s range bound price action cast doubt on the currency’s veracity in the days after the acceptance.
However, against all the odds, the price of Bitcoin burst out of its range and went beyond $50,000, triggering a market rebound. Additionally, the token’s market cap has risen to $1 trillion, almost reaching an all-time record. At the time of writing, Bitcoin is trading at $52,274, up 1.11% in the last 24 hours as per data from CoinMarketCap.
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