Coinbase (NASDAQ:COIN) Under Fire as a New Rival Enters the Market


Although it was never the only cryptocurrency exchange available for purchase or sale, Coinbase (NASDAQ:COIN) has maintained a notable position in the market for a while. It was just “Coinbase” and “everyone else” for the most part. Today, “everyone else” just grew significantly, and Coinbase suffered as a result. Because of the new player in the market, Coinbase shares are down more than 8% on Thursday afternoon.

Stay in the know on crypto by frequently visiting Crypto News Today

In fact, CME Group (NASDAQ:CME) intends to launch its own Bitcoin (BTC-USD) trading business in an effort to increase revenue from investors seeking to increase their exposure to cryptocurrency in managed funds. Given that CME Group is the biggest futures exchange platform available, Coinbase, which was keen to get a piece of the institutional Bitcoin market, may suffer a significant loss of potential business. When you add in the fact that CME Group can operate as a “regulated marketplace,” in many cases that’s all the major players will want to hear.

CryptoCaster Quick Check:

A Serious Catastrophe in Progress?

This poses a significant potential risk for Coinbase. Although it is unlikely to completely undermine Coinbase’s business, it will introduce a formidable new competitor that will be challenging for Coinbase to adapt to. Indeed, Coinbase’s recent string of successes has been impressive, enabling it to become a major lender.


According to reports, Coinbase had loans totaling approximately $800 million to significant traders at the end of March. This represents a more than four-fold increase from the previous year, when the amount was only $194 million. It’s a good guess that if CME Group gets involved, some of that traffic will move away from Coinbase unless Coinbase can provide strong arguments for staying. Meanwhile, recent service interruptions won’t be helpful there.

Is Coinbase a Good Investment at This Time?

Now let’s turn our attention to Wall Street. Based on nine Buys, nine Holds, and three Sells assigned over the last three months, analysts have a Moderate Buy consensus rating on COIN stock, as shown in the graphic below. An upside potential of 21.26% is implied by the average COIN price target of $244.37 per share, following a 228.9% surge in share price over the previous year.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like