It’s time to believe in crypto

[ad_1]

Coinbase is a secure online platform for buying, selling, transferring, and storing digital currencies. The company calls its mission the creation of an open financial system for the world.

What happened?

Several factors point to a bright future for the Coinbase company.

Coinbase earns on commissions

The main source of income for the business is commission fees, which traders pay for trading crypto assets. In the second quarter, the crypto market fell, as a result, volumes fell and many traders exited the market. According to analysts’ forecasts, revenue will increase from $ 1.79 billion in the second quarter to $ 1.51 billion in the third quarter.

Bitcoin trading volumes according to Tradingview

But this situation does not scare investors as the cryptocurrency market has shown impressive moves in recent weeks.

The news about Bitcoin ETF’s first approval by the SEC brought a lot of positive to the markets. The next day, the major cryptocurrency broke its all-time high and hit $ 67,000. This is an extremely important event for Bitcoin because many social platforms are talking about it, and this, in turn, increases the attractiveness of the main cryptocurrency. New users are joining the market and the growing volume of transactions means more trades are done every day which helps crypto platforms earn more on commissions.

Coinbase signs a partnership with the NBA

Coinbase has become an exclusive partner of the National Basketball Association (NBA). According to an NBA press release, Coinbase will advertise on the platforms of the United States National Basketball Team, the Women’s National Basketball Association, the NBA G-League and the NBA 2K League. .

Partnerships like this play a special role in building a business and attracting new users. We are convinced that this partnership will have a particular impact on this platform.

Coinbase signs partnership with Facebook

Facebook has selected Coinbase as the custodian of securities and financial assets for its pilot Novi, a new digital wallet that allows people to send and receive money abroad instantly, securely and without commission.

Novi Pilot participants can purchase Pax Dollar (USDP stands for Digital Dollar) through their account, which Novi will keep on deposit with Coinbase Custody. After that, Novi users will be able to transfer the USDP instantly.

Holders of digital wallets can also take advantage of the Coinbase Custody insurance program, which includes a $ 320 million commercial crime policy.

This partnership will add another row in Coinbase’s entry report as earnings growth from results is expected.

Technical analysis

Daily graph

After an IPO in May 2021, Coinbase lost 50% of its price, but with the Bitcoin explosion, the stock has already recouped half of that drop. On the chart, you can see the Fibonacci levels, which act perfectly as support and resistance levels. For now, the price is testing the 0.5 Fibonacci level.

If it closes today’s trading session above $ 304, that will be a good buy signal for that stock. In this case, the closest target will be $ 330. The next target is $ 360.

If $ 304 is broken, the closest support will be at $ 280, which is the 0.382 Fibonacci level.

[ad_2]