Cryptocurrency exchange platform Coinbase Global posted an earnings report on Thursday night which beat analysts’ expectations and showed a huge rise in revenues year on year, but the share price initially dropped overnight in pre-market trading and moved five per cent lower soon after opening on Friday.
That day itself saw shares surge more than eight per cent higher, in anticipation of the results update, yet on Friday within five minutes after the markets opened, the price was down and moving between two and five per cent lower again.
The share price dropped more than four cent in pre-market trading, but by noon GMT - still more than two hours ahead of the US markets opening - it was back up to just 1.7 per cent lower than Thursday’s close.
With more adoption of cryptocurrencies in the mainstream financial arena, plus growing public (and political) awareness, plus President Donald Trump declaring he wants America to be the world’s “crypto capital”, trading has once again been on the increase.
The lowest on their list was analyst Kyle Voight at Keefe, Bruyette and Woods, who offers a “market perform” rating - in other words, an expectation that shares rise or fall in line with the wider market - and a price of $275.
