- NASDAQ:COIN fell by 0.37% as the broader markets continued to show strength despite low trading volumes.
- Coinbase feels the heat as a tech giant is rumored to be moving into the crypto space.
- Another investing legend plans to get involved with the crypto markets.
NASDAQ:COIN saw its recent rally stall on Wednesday, even as growth sectors continued to show relative strength after the recent correction. Shares of Coinbase fell by just 0.37% during a whipsaw session that saw the stock dip in early morning trading before recovering for the most part by the closing bell. Coinbase has been a bit of a disappointment since its debut on Wall Street, but after several institutional analysts have recently issued bullish sentiment, the stock has continued to find support at its depressed valuations.
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One of the bearish arguments against Coinbase has always been how strong of a moat it has in the rapidly growing crypto industry. High trading fees are another common complaint amongst users, which can be a double edged sword for Coinbase as these fees account for a larger percentage of its margins and revenues. Perhaps one of the worst things Coinbase investors could hear came on Wednesday when rumors of tech giant Apple (NASDAQ:AAPL) entering the crypto space as it posted a job opportunity for an alternate payments position. Things could definitely get interesting for Coinbase if the world’s largest company enters the crypto payments and exchange space.
Investing legend Carl Icahn has changed his bearish stance on cryptocurrencies, and stated that he intends to get involved in cryptos now in ‘a big way’. What this means is up for debate, but Icahn is proving to be a rarity amongst billionaire investors, including Warren Buffett and Charlie Munger who have openly showed their disdain for cryptocurrencies.
