- JPMorgan Chase recently upgraded its rating for Coinbase shares from “below average” to “neutral.”
- In February, the price of these shares experienced a significant increase, rising from $115 to $170.
According to a report from CoinDesk citing experts, JPMorgan Chase has upgraded Coinbase shares to a neutral rating with a target price of $80. The organization emphasized that it is not yet ready to recommend investments for this position, but acknowledged the changes occurring in the market:
“We recognize the impact of the enthusiasm and resulting activity and volumes that spot Bitcoin ETFs have contributed to the cryptocurrency ecosystem, helping to bring the crypto winter to a close,” the report stated.
It is worth noting that on February 13, 2024, the net capital inflow into spot Bitcoin ETFs set a new all-time high at $631.23 million.
Bitcoin BTCIn January 2024, JPMorgan Chase downgraded Coinbase stock to underperform. Experts believe the upward trend has stagnated since then, with the position experiencing an approximately 400% increase in 2023.
While the beginning of 2024 saw a decline in share price, dropping from $165 to $120, the trend reversed in February. As of now, COIN is trading at $170.58 according to TradingView:
Furthermore, on February 14, 2024, Ark Invest sold a portion of its COIN shares for the first time since January, potentially indicating a shift in the market situation.