Bitcoin Falls Below $73,000, Triggering Massive Selloff
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4d ago
0mins
Should l Buy COIN?
Source: Benzinga
- Bitcoin Price Drop: Bitcoin slid below $73,000, marking its lowest level since November 2024, triggering over $750 million in liquidations, which reflects extreme fear sentiment and may exacerbate investor risk aversion.
- Market Cap Decline: The global cryptocurrency market cap fell to $2.59 trillion, with analysts noting the potential for a short-term relief rally despite prevailing bearish sentiment, indicating the pressure on high-risk assets.
- Coinbase Stock Fluctuation: Coinbase's stock dropped 4.36% to close at $179.66, while ARK Invest's ARKF fund purchased 3,510 shares of Coinbase, totaling approximately $630,606, demonstrating continued confidence in the crypto market.
- ETF Investment Activity: ARKF and ARKW funds collectively acquired 135,131 shares of the ARK 21Shares Bitcoin ETF, valued at around $3.4 million, despite the ETF's 1.97% decline to $25.36, highlighting ARK's firm belief in Bitcoin's future potential.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COIN is 361.63 USD with a low forecast of 230.00 USD and a high forecast of 440.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 146.120
Low
230.00
Averages
361.63
High
440.00
Current: 146.120
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the cryptoeconomy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. Its platform helps people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers. It offers products and services to various customer groups: individuals, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime Trading, markets, base protocol and Coinbase wallet.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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