Coinbase Stock Jumped 12% Last Friday. Bitcoin’s Breakout Wasn’t the Only Reason.

Key Takeaways

• Bitcoin Breakout: Coinbase stock jumped 12% on Friday, September 18, as bitcoin cleared $80,000 for the first time in weeks, making COIN the S&P 500’s top percentage gainer that session.
• Split Verdict: The Street carries 18 buys, 3 outperforms, 11 holds, one underperform and one sell on Coinbase stock, with a $202 mean target sitting just 4% above Friday’s close.
• Cushion Gone: The Street’s premium over Coinbase stock fell from 57% to 4% since June.

The Street’s cushion on Coinbase stock just fell to single digits. See exactly how TIKR’s ratings and targets stack up on Coinbase Global stock on TIKR for free →

Why Coinbase Stock Jumped 12% as Bitcoin Cleared $80,000 Friday

Coinbase Global (COIN) stock jumped 12% on Friday, September 18, after bitcoin ripped higher to clear $80,000 for the first time in weeks. The move made Coinbase stock the single best-performing name in the S&P 500 that session, ahead of Robinhood’s 9% gain and SanDisk’s 8%.

The rally reversed a rough stretch. Coinbase stock fell 9% on Tuesday, September 15, after the Senate voted 49-50 against advancing the CLARITY Act, a bill meant to give digital assets a clear regulatory home. The defeat left crypto without the federal framework the industry had spent more than $300 million lobbying for.