Coinbase's stock seesawed lower Friday after the previous session's record rally, which came amid increasing optimism over the regulatory outlook for crypto.
Shares of Coinbase Inc. seesawed lower Friday, following the previous session’s record rally, which was fueled by increasing optimism that the cryptocurrency exchange will prevail in a lawsuit filed by securities regulators.
The stock COIN fell 0.7% in midday trading. It had run up as much as 6.9% soon after the open to an intraday high of $114.43 — the highest price seen since Aug. 4, 2022 — and then fell as much as 2.1% before paring some losses. “We believe this outcome should moderately de-risk the regulatory pressure on the stock,” Needham analyst John Todaro wrote in a note to clients.
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