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Coinbase shares remain tied to the lawsuit with the SEC. The overall crypto industry health plays an important role for the stock’s price. Oppenheimer analyst Owen Lau:
Coinbase’s stock price could experience fluctuations in the near term due to its ongoing litigation with the United States securities regulator and the expected decline in the price of Bitcoin.The ongoing legal uncertainty surrounding Coinbase’s lawsuit with the U.S. Securities and Exchange Commission (SEC) over alleged violations of security laws means that its shares are potentially priced in right now. At $125 a share, some price fluctuations are expected in the near future.
However, alongside this talk, Bloomberg analyst Elliot Stein recently expressed optimism that Coinbase’s lawsuit against the US regulator will be dismissed outright. He predicted that there is a 70% chance that Coinbase shares and the exchange will emerge unscathed from the legal proceedings.
Lau had a very clear basis for his statements. Coinbase shares have continued to decline by about 28% over the last 30 days. However, if we broaden our perspective even more and look at the last 3 months, the stock has increased by around 67%. Lau attributes this rise to the ETFs approved by the SEC.
On the Bitcoin front, the BTC band also fell nearly 11% following the SEC spot ETF approval. As for Bitcoin’s price, Lau predicts that it will similarly face short-term price fluctuations. “In the near term, I think there will be a downward momentum in Bitcoin until the next catalyst,” Lau said, adding a little bitcoin commentary to his statement.
On January 23, Cointelegraph reported that JPMorgan also downgraded Coinbase shares to an “underweight rating,” citing Bitcoin’s falling price and the listing of spot Bitcoin ETF shares.