Coinbase on Thursday saw one of the most crucial decisions surface regarding the firm’s position in the market. JP Morgan upgraded the company’s rating to “neutral” from a previous “underweight”. The rating comes at a very crucial time when the company is about to declare its full-year results.
JP Morgan upgrades Coinbase’s rating
JPMorgan upgraded Coinbase’s rating, moving the stock from underweight to neutral. The brokerage now recognizes a significant shift in the dynamics of the market, especially with the prices of Bitcoin and Ethereum. The rating upgrade comes on the back of JP Morgan acknowledging a significant bull run in crypto markets, positioning Coinbase for a better outlook.
The brokerage had previously downgraded the rating stating the waning hype of Bitcoin ETFs which had pressured the crypto markets for some time. However, a recent upward trend in prices has helped boost sentiments in the digital asset world.
Bitcoin price surge boosts market
The rise in
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