Coinbase Up or Down?currently situation is 50/50
even though HTF looks very bearish, but i can see that the price found a good support.
But anyway i tried to draw 2 scenarios for this price action, you can see it on the chart.
COIN trade ideas
SEC Lawsuits Against Binance and Coinbase: Unraveling Conflicts Hi Traders, Investors and Speculators of Charts📈📉
In recent developments that have rocked the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. These legal actions stem from alleged violations related to registration requirements and investor protection. Additionally, a potential conflict of interest has emerged, as former Binance job applicant Garry Gensler now serves as the head of the SEC. This write-up aims to shed light on the sequence of events, the accusations faced by both exchanges, and the implications for the crypto market.
A - Binance Faces SEC Charges
The SEC filed a lawsuit against Binance, one of the world's largest cryptocurrency exchanges, and its CEO Changpeng Zhao (CZ), accusing them of violating U.S. securities laws. The charges revolve around Binance offering and selling cryptocurrency derivatives to U.S. investors without being registered as a securities exchange.
B - Coinbase Sued by the SEC
The SEC also sued Coinbase, a prominent U.S.-based cryptocurrency exchange, alleging that it failed to properly register its planned lending product, Coinbase Lend. The SEC argues that the lending product qualifies as a security, and Coinbase should have registered it accordingly. However, Coinbase has filed a counter lawsuit aiming to prove how many times they have tried to reach out to the SEC for clarity.
C - Conflict of Interest: Gensler's Connection to Binance
Prior to joining the SEC, Garry Gensler reportedly applied for a job at Binance but was rejected. Soon after, he assumed his role as the chairman of the SEC. This situation has raised concerns about potential conflicts of interest, as Gensler now oversees the regulatory actions against Binance.
The SEC are basing their entire case of a few key factos:
❗ Securities laws mandate that companies offering securities or related products to the public must register with relevant regulatory authorities. Failure to do so can result in legal action.
❗ Investor Protection: Regulatory bodies aim to safeguard investors' interests by ensuring transparency, disclosure of information, and adherence to applicable regulations.
❗Cryptocurrency Derivatives are still derivatives: Financial contracts whose value is derived from an underlying cryptocurrency, such as futures contracts or options.
❗Cryptos are Securities: Financial instruments, including stocks, bonds, or investment contracts, that represent ownership or participation in a company or enterprise.
Implications for the Crypto Market
The SEC's actions against Binance, Coinbase and Ripple signal increased regulatory scrutiny in the cryptocurrency space, highlighting the need for compliance with existing securities laws. However, it also points out how flawed the current system is as Garry Gensler basically has autonomy over decisions that may be conflict of interest. His actions are affecting the entire crypto space as well as stifling innovation since the SEC has been so negligent to work with the blockchain community for solutions. Not even to mention the shorts that were opened on both Binance and Coinbase just before the lawsuit news dropped, picked up by on-chain analysis as seen all over Twitter. This confirms and reiterates that politicians and other people in power have insider information on stocks, as was last seen with the Nancy Pelosi case.
💭Although this seems like an attack on blockchain, all of the above proves how desperately the world needs a new system that is unbiased, transparent and fair. With regulators desperately grabbing for strands of power in any way possible, it actually just strengthens the argument for blockchain and a cryptocurrency-based future.
And finally, from a trading perspective, these are some decent discounts, hence I'm labeling this post as long. I'll be bagging up because this is a steal for both Coinbase stock and BNBUSDT.
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CryptoCheck
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Sauces:
Reuters: "SEC sues Coinbase over failure to register"
The New York Times: "SEC sues Binance over securities violations"
CNBC: "SEC sues Binance and CEO Changpeng Zhao"
Coin Telegraph: "SEC Gensler parallels Binance, FTX sued"
BBC: "US regulator sues Coinbase over interest-earning product"
CryptoSlate: "Coinbase seeks to withdraw staked ETH amid SEC lawsuit"
YouTube: "SEC sues Binance and Coinbase"
The Wall Street Journal: "SEC sues Binance and Coinbase: What the charges mean for crypto"
NASDAQ:COIN BINANCE:BNBUSDT BINANCE:XRPUSDT PANCAKESWAP:NUTUSDT_9D4097 CRYPTOCAP:BNB
$COIN | ABC CorrectionNASDAQ:COIN completed an abs correction at a trendline retest. Expecting upside momentum. Invalidation below 46, initial target $70. Would like to see higher prices for confirmation to increase to position size.
COINBASE is ready to retest lows Negative sentiment in crypto markets trigger negative sentiment for Cryptocurrency stocks.
Coinbase sued by SEC is not a positive news.
Technicals looks bearish now.
Lower highs are showing distribution and MACD looks bearish too as we see an increasing negative momentum and bearish cross on daily timeframe.
We are expecting the price to retest 32 $ where it's fine to speculate on longs as it's a support. Will it hold? Time will tell. If the sentiment in crypto market improves, probably Coinbase will see a decent bounce. We will monitor the price action and the SEC lawsuit to keep this trading idea updates.
Stop loss should be placed below the swing low (30$ -29 $ - depends on your risk tolerance). If support breaks, the price will enter the discovery mode to the downside and most likely we will see much lower prices.
If the price pumps, entering shorts at the downsloping resistance line (orange line) may be a good idea.
Good luck
$COIN - Why I added more todayNASDAQ:COIN I added more on #Coinbase . Why?
1. SEC declared 54 crypto tokens as securities. See my previous tweet.
2. Binance US announced late on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars.
What does that mean?
In order for the people to convert these 54 tokens and other cryptos to USD, they would have to exchange those to other crypto currencies like #Bitcoin and #Ethereum. Then transfer them to an Exchange like Coinbase to convert it to USD.
On top of that SEC could make it a nightmare for #binance to continue to operate in the US. #Binance already pulled out of Canada due to new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.
If Binance pulls out, it could benefit Coinbase.
These are just pure speculation on my part and my position size currently is small. I can lose it all and I won't lose my sleep.
Not an investment advice.
$COIN: Stalled for NowThe Weekly Chart of NASDAQ:COIN shows that the stock has been struggling to build a bottom despite some early buying from large lots within the sideways action of the bottoming range.
Coinbase has future growth potential as an investment, but the CEO and Board need to realize that the SEC rules the securities markets and that Cryptos, as digital assets, are securities that must be registered properly.
So it is likely to stall here until the Board and CEO realize they have to behave like grownups when dealing with the SEC.
Is COIN okay now?COIN is in a bit of a controversy with the SEC and potential regulatory charges. On the 4H
chart it had a big plunge from the high market valuation it received over the month since
favorable earnings. It has reversed after a few days of Doji candles showing market indecision.
The MACD indicator shows upwards K/D lines having crossed under the histogram on the day
before this idea. The mass index indicator has given a reversal signal since the value first
crossed above 27 and then triggering by crossing under 26.5. Having reversed, can COIN
maintain the current trend ? I will find out by taking a long trade with potential 15% upside
essentially betting that the dust will settle and it will be business as usual with demonstrated
increasing revenues on the recent earnings report.
COIN : Don't BuyDeclining Revenue
Declining Net Income
Declining EPS
Negative EPS
Increasing Shares Outstanding
$COIN SEC’s New TargetAfter its stock plummeted almost 20%, Coinbase Global, Inc. (NASDAQ: COIN) faces losing more than 30% of its revenue due to the SEC’s lawsuit. With that said, COIN stock and the crypto market may be set to rebound thanks to the newly introduced draft bill in Congress that would add much-needed clarity to the crypto market. As Cathie Woof has been adding shares of COIN despite the current uncertainty, COIN stock may prove to be a profitable buy at this dip.
COIN Fundamentals
SEC Lawsuit
U.S. regulators are starting to go after more crypto companies after the biggest target, FTX, collapsed back in 2022. The SEC is claiming that COIN and Binance are trading unregistered securities in their alt-coins (non-Bitcoin or Ethereum tokens), while COIN claims that these coins shouldn’t be treated as securities.
In the event that alt-coins are treated as securities and require registration, COIN may lose up to 30% of its revenues since the process of registering securities can be cumbersome and has a risk of the application being denied. While COIN seems to be in a better position than Binance, it is still in danger of losing a lot if the SEC wins since COIN will lose a big chunk of its revenues and its stock may further plummet. Following the lawsuit announcement, COIN stock dipped more than 20%, with Bitcoin also sliding 5% before erasing almost all of its decline.
After COIN stock went down almost 20%, it has since recovered by almost 10% with Bitcoin also recovering by almost 4%. Furthermore, Cathie Wood snapped up more than 400 thousand shares after the dip across three actively managed ETFs – with ARK Fintech Innovation ETF making COIN its third-largest holding with a weighting of 5.35%.
New Government Regulations
Earlier this month, Congress introduced a new draft bill regarding crypto trading. The new draft bill proposes that cryptocurrencies offered as part of an investment contract would fall under SEC oversight, while those that qualify as commodities would be overseen by the Commodity Futures Trading Commission (CFTC).
With cryptocurrencies like Bitcoin and Ethereum, Binance’s BNB definition as securities or commodities would depend on how decentralized their underlying blockchain is, as decided by an SEC ruling. If the SEC lawsuit is an indication of what it sees as a security and what it sees as a commodity, it seems like both Bitcoin and Ethereum would be safe since the SEC excluded them from the lawsuit against COIN.
Following in the SEC’s footsteps, the UK’s financial regulator has introduced new regulations regarding crypto trading. With the new regulations, crypto trading companies will need to introduce a cooling-off period for first-time investors starting October 8, 2023, and it will also ban “refer a friend” bonuses to ensure those who buy crypto understand the risk.
With so much uncertainty in the cryptocurrency market, the Binance and COIN lawsuits, combined with the newly introduced draft bill, may provide much-needed clarity to crypto trading which will benefit the whole industry in the long term.
COIN Financials
In its Q1 2023 report, COIN’s assets increased 56% QoQ from $89 million to $139 million, and its cash and cash equivalents increased 13% QoQ from $4.4 million to $5 million. COIN’s total liabilities increased by 62% QoQ from $80 million to $130 million.
Revenue decreased 36% YoY from $1,164 million to $736 million. Operating costs decreased almost 48% from $1,720 million to $896 million resulting in operating loss decreasing 77% YoY from $554 million to $123 million which amounted to a net loss of $79 million – an 81% decrease YoY.
Technical Analysis
COIN stock’s trend is neutral with the stock trading in a sideways channel between $56.8 and $63.26 which has been broken following the SEC’s lawsuit against the company. Looking at the indicators, the stock is trading below the 200, 50, and 21 MAs which are bearish indications. Meanwhile, the RSI is neutral at 40 and the MACD recently turned bullish.
As for the fundamentals, COIN stock just witnessed a catalyst in the SEC lawsuit against it. The result of both the SEC lawsuit and the new crypto bill will be important future catalysts for COIN. Given that the stock is trading near support and is yet to retest the lower trendline, the current PPS could be a good entry point in COIN stock.
COIN Forecast
With the SEC lawsuit against COIN, the crypto trading company is at risk of losing more than 30% of its revenue. The SEC lawsuit, while bad for COIN, may provide more clarity about the crypto market, which can be good in the long term for the crypto industry. Furthermore, the new Congress draft bill can prevent more lawsuits of this kind from happening in the future since it will introduce clear regulations regarding cryptocurrencies and crypto trading companies. The crypto market is currently in disarray, but Ark Invest’s addition of new COIN shares after the lawsuit indicates that COIN stock may still be worth keeping an eye on.
💾 Coinbase Bottom Signal? Recovery Likely NextYesterday's session, 6-June, we can see the highest buy volume since May 2022 on the COIN stock. At the same time, this is happening within a long-term (1 year+ higher low).
The only day that showed a higher purchase volume was 12-May 2022 and what followed was a wave equaling 185% growth.
This is a strong combination of signals and we can expect a recovery as long as this long-term support level and higher low holds.
Namaste.
Coinbase in trouble over "SECURITY RISK"Coinbase will lose some major support in 4Q 2022.
Coinbase threatens lawsuits over price glitches.
Coinbase freezes accounts and has bank accounts frozen to get the money back from traders
that they rightfully earned through the buy and sell agreement when a transaction completes.
Coinbase responsibility is to maintain accurate information and connectivity for its users.
Is you money really safe when they don't respond to users concerns over there glitches.
Coinbase is playing a dangerous game with their users.
If coinbase can get there money back using aggressive means that violates a users personnal finacial security
then the users trading should be able to get
their money back when the coinbase exchange and app does not work properly and losses are incurred.
Allowing coinbase to continue these aggresive violations of its users will many to leave the platform.
I think major litigation will be going on very soon and coinbase will lose confidence from many of its traders.
I know for a fact that in the past i had connectivity issues that prevented me from selling that would of generated
atleast 100k in gains extra over the past two years.
Several trades were reversed stated an issue that was never properly explained and they close the case Immediately.
Coinbase basically states that it won't accept liability over any issue that you have during trading.
Coinbase basically says any issue that causes them to lose money from your trades and they will seize it back from you.
Now does this violates your own person financial security?
They accept no liability when its your money.
If you earn it through a buy and sell order then it is a legal transaction.
the liability is the exchange not the users trading.
Moving my funds out of coinbase "Security Risk"Transferring my funds from coinbase!!!
They just lost my support on there balance sheets. Roughly a million dollars
i am transferring out for my own personnal security.
My money is spread out between dozens of accounts and exchanges to manage risk.
You never know what could happen.
Manage your finances carefully.
Issues going on with crypto exchanges could push traders away from there exchange
and stock options.
Coin Base I think I am bullish With what is going in currently in the market place I am looking at the market going bullish on coin base. I would like to see this play out.
I am very interested in this price action as I have seen there is a large number of investors that have money on the exchange but also is a gateway to get to the buying and selling of crypto so with that being said I see that the market is about to get interesting but would like to know your thoughts comment below but for sure I am bullish for the month once we have retested the low I highlighted.
What do you think?
$COIN Bull Flag Weekly ChartNASDAQ:COIN Bull Flag Weekly Chart, bottoming pattern. News today on #coinbase was bullish and the stock was up today. #bitcoin had a great today as well up over 5%
Coinbase ready to launch . Buy the bad news I think we have a great setup here with price of 50 and target of 265 as we are approaching crypto bull run.
Coinbased poised for short as SEC attacks BinanceWith Binance being sued by the SEC for several violations and the SEC declaring 10 main cryptocurrencies as securities the sector is poised to suffer considerably. CRYPTOCAP:BTC is already down by 6% on this news and the situation is going to worsen in the coming days. The political landscape in Washington wants crypto gone. Whether this will succeed or not, it is meant to push all prices down for a considerable period of time. NASDAQ:COIN is not going to be in a good place as it is involved with most of the tokens below that are now all in trouble.
Alleged securities:
CRYPTOCAP:SOL
CRYPTOCAP:ADA
CRYPTOCAP:MATIC
TSX:FIL
NASDAQ:ATOM
NYSE:SAND
EURONEXT:MANA
EURONEXT:ALGO
NYSE:AXS
ECONOMICS:COTI
whatthefinance.com
RectangleNeutral pattern until cleanly broken.
Short entry is a clean break of the bottom line with a confirmed downtrend.
Price is below the support line but some look for 2 closes below the line for confirmation.
Once the bottom line or the support line is broken it becomes resistance.
Volatile stock as a rule.
No recommendation.
Life is choices.
Short interest is over 20%
52 Week Range
31.55
116.30
Day Range
46.43
52.38
EPS (FWD)
-2.81
PE
-
Div Rate (TTM)
-
Yield (TTM)
-
Short Interest
20.30%
Market Cap
$15.14B
Volume
50,212,062
Coin 6.6.23Moving in its same trash range as expected. Should have bought MSTR or Btc like I Said. Can't believe ppl actually argue over this and have emotional attachment. The chart speaks for itself.
$COIN Sell the Rumor buy the newsNASDAQ:COIN Sell the Rumor buy the news. Double bottom pierced. Chart still looks bearish with all of the moving averages above the stock price.
COIN going to try reach trendlineCOIN is breaking out of small consolidation. Its still in larger triangle. I am making small position for target around 72. If it breaks out of larger falling trendline, it can give nice move.
$COIN - Looking bullishNASDAQ:COIN looking good. Its been hugging on to the fib support and starting to move. Its above all moving averages and golden cross is in the cards. Targets - $70, $84, $110. Downside risk is $50. 💥🚀💰
potential long setup Over the weekend crypto made a solid move to the upside. ill know be looking for Coinbase to follow suite. Price gapped up this morning and is currently trading sideways on the LTF. Normally id be looking for a pullback at market open before taking an entry but the opportunity may not present itself.
Im looking at the $59 and $60 calls expiring 6/2/23
Price target: $65.00
