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Sunday, February 5, 2023
HomeMarket UpdatesSolely 5 exchanges will survive, Coinbase shall be one in all them

Solely 5 exchanges will survive, Coinbase shall be one in all them


  • Cuts are “sufficient for now” primarily based on the present buying and selling setting
  • Coinbase might be one of many few survivors of crypto winter
  • Bitcoin is extremely correlated with the rate of interest route

Oppenheimer Government Director and Senior Analyst Owen Lau talks about Coinbase’s newest spherical of layoffs and the way the crypto trade’s value discount technique helps it survive within the broader crypto area. 

Are the cuts sufficient?

Coinbase lately laid off round 20% of its workforce. Lau says: 

To me, it’s sufficient for now primarily based on the present buying and selling setting, however longer-term, I wouldn’t be shocked by additional cuts. They need to have simply over 3,000 workers after these layoffs.  

Does this alteration the bullish Coinbase ranking?

Oppenheimer’s Coinbase ranking is Outperform with a worth goal of $72. Lau says this doesn’t change the ranking:

When you consider on this know-how, blockchain and so on., there shall be some survivors (of the crypto winter). Longer-term, we consider Coinbase might be one of many few survivors. 

Why are you bullish particularly on Coinbase? What number of exchanges do you anticipate to be left years from now? 

Coinbase is a powerful model, no. 1 within the US. Second, there are the laws. They’re extra compliant in comparison with many different platforms. Longer-term, there shall be fewer than 5 exchanges on this planet and Coinbase shall be one in all them.

Bitcoin has been very unstable previously few years, though it’s now stabilizing round $17,500. Do you see extra volatility with Fed price hikes? 

See also  Shiba Inu (SHIB) worth prediction for November

Bitcoin and different digital belongings are extremely correlated with the rate of interest route. If the Fed stops elevating rates of interest or pivots on the finish of this or subsequent 12 months, that ought to help the value of Bitcoin and different digital belongings. 

There are different basic causes to be optimistic on this area. One among them is Ethereum’s Shanghai improve, scheduled for March 2023, which can let customers unstake their ETH. One other is the Bitcoin halving in March 2024. 

What do you anticipate to see in buying and selling motion short-term? Is it prone to be very unstable?

I feel buying and selling shall be steady in comparison with what we noticed in 2021. Rising rates of interest will profit Coinbase. They’ve an settlement the place they’re sharing the curiosity earnings with Circle, a big firm on the stablecoin market. Coinbase can profit from rising charges and offset a few of the misplaced buying and selling. 

BitcoinMasterNews

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