Block Inc. surpasses Coinbase in market cap as crypto stocks see decline
The post Block Inc. surpasses Coinbase in market cap as crypto stocks see decline appeared on BitcoinEthereumNews.com.
Photo by Block Inc. Key Takeaways Block Inc. has surpassed Coinbase in market capitalization for the first time since March. Barclays adjusts its rating on Coinbase from Under Weight to Equal Weight. Block, Inc., the company behind Square and other fintech ventures, has outpaced Coinbase in market capitalization for the first time since March. This shift comes as Coinbase’s stock declined amid falling crypto prices, marking its worst week of the year so far. The change in market cap positioning reflects the broader volatility in the crypto sector. Coinbase had previously overtaken Block Inc. in market capitalization earlier this year, but recent market movements have reversed this trend. Diversification and maturing regulatory environment Despite the stock decline, investment bank Barclays adjusted its stance on Coinbase from Under Weight to Equal Weight. Analysts cited a maturing regulatory environment, steady diversification, and strong industry leadership as factors indicating the business’s maturation with reliable revenues. However, Barclays also revised its price forecast for Coinbase’s shares down to $169 from $206. Coinbase’s stock performance has been turbulent, reaching a year-to-date high of $279.71 on March 25 before closing at $147.35 on Friday. Earlier in August, Coinbase followed MicroStrategy going down between 15 to 18% in pre-market as global markets reacted to disappointing US economic data and escalating tensions in the Middle East. The company recently secured a minor legal victory when a New York judge ordered the SEC to grant Coinbase access to certain documents related to ongoing litigation. However, the exchange’s attempt to subpoena SEC Chair Gary Gensler was unsuccessful. The firm has also recently urged the SEC to retract language from its rules on decentralized exchanges, calling these actions irrational. In August, Coinbase has hinted at launching a possible wrapped Bitcoin product that could potentially reshape the decentralized finance market, introducing a…
Filed under: News - @ September 9, 2024 12:05 am