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BTC Exceeds $52K After Coinbase Upgrades It To Neutral

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BTC Exceeds $52K After Coinbase Upgrades It To Neutral

(CTN News) – Coinbase (COIN) shares are rising Thursday as JPMorgan analysts upgrade the crypto exchange’s stock to Neutral as bitcoin (BTC-USD) rises above $52,000. Following the listing of spot bitcoin ETFs in January, Yahoo Finance Live examined patterns in cryptocurrency trading.

The full episode of Yahoo Finance Live can be viewed here if you wish to gain more expert insight and keep up with the latest market developments.

BRAD SMITH: Coinbase shares rise as JPMorgan upgrades it to neutral. In light of the recent surge in Bitcoin and cryptocurrency prices, the move comes as no surprise. The price of bitcoin has reached $52,000 as it regains its $1 trillion market capitalization here.

The overall cryptocurrency market cap should be $2 trillion. I will check back in on that in a few moments, but at least that is where I saw it this morning.

Nevertheless, as we are considering what the catalysts for Coinbase and also Bitcoin in general may be, we continue to discuss what the Bitcoin halving could mean more broadly.

The filing of Ethereum ETFs could also mean for the crypto market cap as a whole so much more attention and investment options. That was also evident in Robinhood’s earnings this week. Therefore, this may be another major catalyst to watch.

As a matter of fact, I found it very interesting that Gary Gensler, the chairman of the SEC, spoke about tempering expectations when it comes to the introduction of spot ETF futures in the same way that they saw with spot Bitcoin ETFs. When it comes to Bitcoin, we are really making it a one-case situation.The prospect of spot Ethereum ETFs did not seem to convince him.

There is a significant difference between the two. Besides the coin, the token, and the blockchain that it runs on, it is also a cryptocurrency.

In other words, it is a much more nuanced issue than focusing solely on it as a token. We continue to observe Gensler focusing on it as an exception rather than a rule. We should keep this in mind as we compare Bitcoin and Ethereum’s potential.

To conclude with that, they said, based on the context within the Coinbase call JPMorgan made here, that they believe this Bitcoin appreciation is contributing to a higher spot Bitcoin ETF flow, which, in turn, is leading to an increase in Bitcoin prices, as well as other tokens.

This relates to the crypto landscape here. Furthermore, they did cite some of the meaningful Bitcoin price appreciation as being attributed to the US Bitcoin spot ETFs.

While initially a sell at the news event, they did note that in this call as well. Ultimately, we will observe how the Street reacts to this JPMorgan upgrade from underweight to neutral. The new price target for Coinbase is $80.


QCP Capital Buys Bitcoin Call Options At $60,000 And $80,000

Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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