Coinbase’s stock rebounded, while BTC was still hovering around $74,000. This time, U.S. stocks and the crypto market are moving somewhat out of sync.
At the close on November 11 U.S. Eastern Time, $COIN stood at $136.27, up 3.13% for the day and reversing the previous trading day’s 2.92% decline. Meanwhile, BTC was trading at around $74,000 on the morning of November 12 Beijing time, still short of the $75,000 mark it reached a few days earlier.
Finance Charts+1
Interestingly, Coinbase previously reported that its third-quarter revenue fell about 35% year over year, indicating that its trading business is still under pressure. But the market seems to be reassessing its stablecoin revenue, custody business, and ability to control costs.
I think this divergence is worth watching. COIN is no longer simply moving in step with BTC; its business valuation has its own logic.
However, a one-day rebound isn’t enough to prove a trend reversal. If BTC remains weak and trading volumes continue to languish, it’s still unclear whether Coinbase’s rebound can last.
At the close on November 11 U.S. Eastern Time, $COIN stood at $136.27, up 3.13% for the day and reversing the previous trading day’s 2.92% decline. Meanwhile, BTC was trading at around $74,000 on the morning of November 12 Beijing time, still short of the $75,000 mark it reached a few days earlier.
Finance Charts+1
Interestingly, Coinbase previously reported that its third-quarter revenue fell about 35% year over year, indicating that its trading business is still under pressure. But the market seems to be reassessing its stablecoin revenue, custody business, and ability to control costs.
I think this divergence is worth watching. COIN is no longer simply moving in step with BTC; its business valuation has its own logic.
However, a one-day rebound isn’t enough to prove a trend reversal. If BTC remains weak and trading volumes continue to languish, it’s still unclear whether Coinbase’s rebound can last.
