Since the beginning of the year, the crypto market is surging and fueling the sector’s shares as well. Bitcoin completes an increase of 68% and trades for 27.8 thousand dollars per coin (compared to 16.5 thousand at the beginning of the year), Ethereum jumped by 40% to 1,764 dollars per coin, Binance climbed by 35% and other currencies also rose nicely. Coinbase stock
COINBASE GLOBAL
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High:67.58
low:62.78
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For example, it has doubled in value since the beginning of the year.
Note of warning: it should be remembered that last year the crypto market plunged by 70% so it is still a high-risk market (the indices also fell last year but much less. The S&P500 lost 20% and the Nasdaq lost 34%), and yet for comparison – The Nasdaq has climbed 17% since the start of the year, while the S&P500 has only risen 4% in the meantime.
Still, in a volatile market, Bitcoin and the market remain stable over the past 10 days. Bitcoin is now trading at levels of $27,700, after trading between $27,500 and $28,000 over the past weekend, but down from the highest level of the last round – about $29,000 per coin. Technical analysts say that the technical level of $30,000 for the currency that has not yet been broken is the nearest psychological barrier and if it is breached the currency may continue to rise, and perhaps the rest of the crypto market with it.
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Those who may cause another significant renewed movement in the crypto market are the upcoming macro data that will be published this Friday. At 15:30 Israel time, the private consumption expenditure index (PCE), the Fed’s preferred index for examining inflation in the US, will be published. According to expectations, the core index is expected to register an increase of 0.4% in February (a decrease compared to an increase of 0.6% in January) However, the core index is expected to record stability at the annual rate of increase of 4.7%, unchanged from the previous month.
On the other hand, it should be said that the expectations that the Federal Reserve, the American central bank, will switch to a more favorable monetary policy (that is, stop the interest rate hikes), may be part of the reason for the halt in the increases in crypto.
At the same time, the liquidity in the cryptocurrency market is lower in recent times, when this is a trend that started following the collapse of the crypto bank FTX last November, but it also intensified following the fall of two crypto banks recently.
In addition, Coinbase itself received a notice from the US Securities and Exchange Commission (SEC) which means that the SEC is considering taking action against the company. This is indeed a preliminary decision by a team from the Securities and Exchange Commission, in which it recommends enforcement activity against the company for violations of securities laws feds – but it sent Coinbase shares down 14% on Thursday (expand).
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