ONLINE FOREX BROKER
2022-12-15 • Updated
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.
There are several factors, which point to the bright future of the Coinbase company.
Coinbase earns on commissions
The main source of income for the company is commission fees, which traders pay for the crypto assets trading. In Q2, the crypto market dropped, as a result, the volumes dropped as well as many traders left the market. According to the analysts’ predictions, the revenue is going to fall from $1.79B in Q2 to $1.51B in Q3.
Bitcoin trading volumes according to Tradingview
But this situation does not scare investors as the cryptocurrency market has been showing some impressive moves during the past weeks.
News about the first Bitcoin ETF approval by the SEC brought lots of positive into the markets. The next day, the main cryptocurrency broke above its all-time high and reached $67 000. It is an extremely important event for Bitcoin as many social platforms talk about it, and that, in turn, increases the attractiveness of the main cryptocurrency. New users join the market, and the rising volume of transactions means that more operations are carried out every day, which helps crypto platforms to earn more on commissions.
Coinbase makes a partnership with 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 US 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 the formation of a company and attracting new users. We are confident that this partnership will make a special impact on this platform.
Coinbase makes a partnership with Facebook
Facebook has selected Coinbase as the keeper 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 commission-free.
Participants in the Novi Pilot 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 instantly transfer USDP to each other.
Digital wallet holders can also take advantage of the Coinbase Custody insurance program, which includes a $320 million anti-commercial crime policy.
This partnership will add another line in the Coinbase inflow report, as the result earnings growth is expected.
Daily chart
After an IPO in May 2021, Coinbase lost 50% of its price, but with the Bitcoin explosion, the stock has already recovered half of this drop. On the chart, you can see Fibonacci levels, which perfectly act as support and resistance levels. At the moment, the price is testing the 0.5 Fibonacci level.
If it closes today's trading session above $304, it will be a good buy signal for this stock. In this case, the closest target will be at $330. The next target locates at $360.
If $304 gets broken, the closest support will be at $280, which is the 0.382 Fibonacci level.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
In a call scheduled for January 25, 00:30 am GMT+2, the Tesla Inc. team will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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