Coinbase Stock Can Deliver 75% Gains From Current Levels, Says Oppenheimer

Conventional wisdom tells us that the decline of bitcoin’s price affects the whole crypto ecosystem, in turn driving down trading activity, including on leading exchange Coinbase $Coinbase(COIN.US)$ .

However, following BTC’s most recent drop – from ~$68,000 on November 8 to $48,000 on December 31 - Oppenheimer’s Owen Lau has something to say about that perceived notion, as the increased volatility appears to have resulted in “substantial trading volume and revenue” for Coinbase in Q4.

The quarter’s trading volume came in at a record $540 billion, a 10% increase on Lau’s prior estimate of $489 billion and 17% above the Street’s forecast. The figure is also 17% higher than the previous record of $462 billion set in 2Q21 and amounts to a ~65% sequential increase. Compared to the same period last year, trading activity increased by ~507%.

Part of the content is taken from Yahoo.