- NASDAQ:COIN added 2.31% as meme stocks ruled the day once again on Wall Street.
- JPMorgan CEO Jamie Dimon has some harsh words for cryptocurrencies.
- More countries weigh in on banning cryptos as the Iranian government puts an end to mining.
NASDAQ:COIN has extended its bullish reversal this week as the stock has now regained over 8% since Monday, following a month of steady losses. On Thursday, shares of Coinbase added 2.31% to end the trading session at $247.09, with a nice strong finish before the closing bell. The stock continues to trend up but has noticeably been trading alongside the benchmark cryptos Bitcoin and Ethereum, so investors should be wary of the recent volatility surrounding the entire crypto market. Cathie Wood of Ark Invest has been a notable Bitcoin and Coinbase bull, and recently stated that Bitcoin’s current consolidation phase may be an excellent time to buy.
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One noted Wall Street executive is not so optimistic about cryptos moving forward, as JPMorgan CEO Jamie Dimon came out today and advised people to not invest in cryptos. Dimon has been quite outspoken about his thoughts on cryptocurrencies, despite the fact that JPMorgan recently upgraded Coinbase’s price target and also has started to allow its customers to invest in cryptocurrencies. Dimon joins a long list of Wall Street’s old guard who refuse to dabble in cryptos, despite whatever his investment analysts may think.
The entire crypto market was brought crashing down by China’s recent banning of Bitcoin mining, as well as the use of cryptos at financial institutions. On Thursday, the Iranian government also banned the mining of cryptocurrencies for at least the next four months, after a rash of power outages and grid overloads have blanketed the country in darkness.
