Coinbase Stock Recovers 0.5% Pre-Market Amid Crypto Rally

Coinbase stock has shown signs of recovery in pre-market hours following a decline in the previous session. This recovery is attributed to a broader rally in the crypto market, which has boosted trader confidence in digital assets. The stock of the leading crypto exchange has also gained traction, reaching a new all-time high in the previous trading session. This has led many investors to book profits, potentially triggering selling pressure for COIN.

Cathie Wood’s Ark Invest has recently offloaded 34,207 shares of Coinbase, valued at over $13 million at the closing price on July 15. This move has sparked discussions about the potential reasons behind the selloff, although it is not the first time Ark Invest has offloaded Coinbase shares. On July 10, Ark Invest dumped 16,627 shares, valued at around $6.5 million. Many view this as a strategic move by Ark Invest to diversify its portfolio. Additionally, the firm offloaded 225,742 shares of its own Ark 21Shares Bitcoin ETF (ARKB) on July 15, as both COIN and ARKB reached record highs in the prior session. On the same date, Ark Invest acquired 2,999 shares of NVIDIA and 115,380 shares of Tesla.

Coinbase stock price has shown resilience, wiping out some of its prior session’s losses and indicating sustained interest in the asset. The stock was up around 0.5% in the pre-market trading session and exchanged hands at $390. The stock ended the prior session at $388.02, down 1.52% from its previous close. Over the past five days, the crypto stock has added around 9.3%, with monthly gains recorded at 60% and year-to-date gains at 56%. These robust gains suggest that investors are betting on the asset amid a broader crypto market rally. The stock price has also touched its all-time high of $400.88 on Tuesday, reflecting high market sentiment, especially after Bitcoin price touched a new all-time high recently. Altcoins are also showcasing bullish performance, further reflecting the growing confidence of traders.

As Coinbase stock has touched a new all-time high recently, investors are looking for projections from market experts. An analyst has downgraded the price target for COIN stock, which has caught the eyes of traders. Citizens JMP has lowered the price target for the asset by 16% to $400, down from a previous target of $475. However, despite the lowered target, the firm’s analysis suggests holding Coinbase stock for the long term, indicating bullishness on the long-term trajectory of the exchange.