Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a surprising turn of events, Coinbase, the leading crypto exchange in the U.S., has witnessed a staggering 78% surge in its share price throughout November. Climbing from $71.88 per share to $128.27, the crypto giant achieved its highest value since April 2022.
Offering a bullish perspective on Coinbase's future, Deaton expressed his confidence in a short but powerful statement, declaring, "I think it's a screaming buy under $150."
Thus, according to Deaton's vision, Coinbase's share price may have the potential for an additional 16.94% upside.
Insiders and SEC
The green candles illuminating COIN's price chart are seen as a direct response to the challenges faced by Coinbase's main competitor, Binance, the world's largest cryptocurrency exchange. Recent regulatory pressures led to the resignation of Binance's CEO and a hefty $4.3 billion fine for the exchange.
While Coinbase is not immune to regulatory scrutiny, facing an ongoing legal battle with the U.S. SEC for over a year, the recent surge has prompted some insiders to capitalize on the rally.
Notably, Fred Ehrsam, cofounder and director of the exchange, reportedly seized on the opportunity to cash out, selling a substantial $9 million worth of shares.
As the crypto market continues to navigate regulatory hurdles and competitive dynamics, Deaton's bullish stance on Coinbase suggests that there may be untapped potential in the rising share prices, making it a topic of considerable interest for investors eyeing the broader crypto landscape.