1 Year Ago
3 Min Read

COIN jumping 6% today. Here's what's happening:

Coinbase Global Inc (COIN) is trading 6% higher at $77.52 today. The stock is strongly outrunning peers on a mildly positive day for the Financials sector.

-Coinbase Global, Inc. (NASDAQ:COIN) Receives $163.23 Consensus Price Target from Analysts
-The stock climbs as Daiwa upgrades to Buy, citing ether Merge tailwinds
-MakerDAO Gets 1.5% Interest on USDC from Coinbase

Coinbase Global Inc has been trading between a 52-week high of $368.9 and a 52-week low of $40.83. The stock has a market cap of $13.7 Billion.

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

FistEnergy - 32 upvotes - source
You're supposed to buy indexes and hold for multiple years, not overpriced tech. Please Insert Coin To Continue

ThrowRA9111111 - 8 upvotes - source
Spy is essentially a shit coin at this point

OnlyRespeccRealSluts - 7 upvotes - source
Counterpoint: futures have been wrong for 9 consecutive sessions. How often does 10 in a row happen? Edit - can't reply to /u/lalittle so responding in edit: If it was a coin we wouldn't have to ask, we'd know now that we're at #9 the odds of reaching #10 are 50/50. Stonks isn't a coin. #10 here has less than half as much chance of happening as #9, unlike with a coin.

the_sound_of_a_cork - 6 upvotes - source
Asked for COIN to go to 80 by the end of the week, and I think someone was listening

Apprehensive_Bat_388 - 6 upvotes - source
Correction, coin still below 60k

VisualMod - 6 upvotes - source
>COINBASE GLOBAL INC - STX DEPOSITS AND WITHDRAWALS ARE HALTED $COIN ^\*Walter ^Bloomberg ^[@DeItaone](http://twitter.com/DeItaone) ^at ^2022-09-08 ^15:30:09 ^EDT-0400

EvaUnit343 - 5 upvotes - source
My COIN puts have gone from 100% gains to 30% gains in 2 days. If there is anything I’ve learned trading the market in 2022, panic to the upside has been more violent than to the downside, even though the trend is still down.

lostindasauces - 5 upvotes - source
I’ve flipped a coin three times this morning. Tails each time. Coin flips are no longer solid market DD.

Big_dadd_BD - 5 upvotes - source
Here me out, coin and miner stocks ripped today when btc stayed flat. That is so fucking sus. Insider to the max.

RecommendationNo6304 - 4 upvotes - source
Great write-up. Disagree that the conclusions are foregone. Mean reversion has a flawless record of humbling forecasters, be they blue sky or doom/gloom. WWIII might happen, but there are other outcomes that can happen as well. The world is not a static place. It's chaotic and responsive, which is what makes chaos theory fuck every elegant economics theory. The same that makes weather prediction past 10 days a coin flip. What else could happen? * Russia could implode on itself, causing a power vacuum, splintering of the old soviet states, scrambles for power, and subsequent strong negotiating position for the west on all those raw inputs. Ukraine isn't going so well for Russia of late. * India or another large, as-of-yet neutral participant could buy up the energy, increasing their production. As a second order effect, all these goods will make their way into the global economy (one way or another they *will* influence prices, whether exported - increasing supply - or consumed domestically - decreasing demand). China is another participant large enough and in a sufficient position to bargain with Russia. * Unaccounted energy usage could be disguised, what Toffler called ***prosumption.*** If you build a shed in your backyard, on your own, *your labor is not reflected in GDP.* In simple language, the numbers might not be reflecting reality. Of all the solar, wind, and various off-grid energy solutions which has become popular lately, how is it accounted for in this global pool. Is it a rounding error or an amount significant to total production? I don't know, but it's not zero. * The US and/or Europe could ramp up production hard and fast. It's happened before. Incentives drive actions. No incentive is better for wildcatters and politicians alike than high energy prices. Politicians want them lower and wildcatters want that $$$. It doesn't take that long to bring oil production online. *What takes a long ass time is all the artificial constraints (red tape) associated with drilling.* These are man made constraints and they can be unmade. * Saudi Arabia could capitulate. Seems unlikely, but two things are not hard to believe. They don't make their own weapons. Human beings cannot eat sand. Not even desert dwellers. Looking at the state of the art 60 year old weapons Russia has been sending it's soldiers into combat with, the Saudi's don't have a great deal of selection when it comes to buying arms. They either buy from the west or they buy from China. Both of those come with implicit guarantees of benefits and penalties. They can't choose both. Greatly enjoyed your write-up. I do agree with you on one point. ***Next couple years are likely to be wild.***