The cryptocurrency market continues to progress in the green zone with the momentum it has gained. Leading crypto Bitcoin is preparing for its next move just above $52,000. While the morale in the market was good, the leading crypto exchange Coinbase gave the good news of futures transactions for 3 altcoins.
Coinbase will list DOT, ICP and NEAR in futures!
cryptokoin.comAs you follow from , the market has accelerated again. As traders and investors return to the market, exchanges are preparing better options for them. In this context, leading cryptocurrency exchange Coinbase announced that it will list Polkadot (DOT), Internet Computer (ICP) and NEAR Protocol (NEAR) on the futures market. Coinbase made the following statement:
Coinbase will add support for Polkadot, Internet Computer, and NEAR Protocol rolling futures contracts on Coinbase International Exchange and Coinbase Advanced. The opening of our DOT-PERP, ICP-PERP and NEAR-PERP markets will begin on or after 13:00 CET on 22 FEBRUARY 2024.
JP Morgan upgraded Coinbase’s rating
Meanwhile, in a development during the day, JPMorgan upgraded Coinbase’s rating. JPMorgan moved the stock from underweight to neutral. The brokerage acknowledges that there has been a significant shift in the dynamics of the market, especially with Bitcoin and Ethereum prices. The rating upgrade indicates that JP Morgan recognizes that there is a significant bull run in crypto markets. Therefore, it puts Coinbase on a better outlook rating.
The brokerage had previously downgraded, citing diminishing enthusiasm for Bitcoin ETFs weighing on crypto markets. However, the recent upward trend in prices has helped boost sentiment in the digital asset world.
Upcoming Coinbase earnings will clue the market
The financial statement results to be announced by Coinbase will also shed light on larger crypto markets. The firm is currently expected to post a quarterly loss of $0.06 per share, according to Zacks Equity Research. This figure indicates an increase of 97.6% compared to the previous year. Expected revenues are $731.94 million. This is 16.4% more than the same quarter last year.
Currently, if the predictions come true, the next priced question is when will the largest crypto exchange turn a profit? Because Coinbase has been reporting continuous losses since the 1st quarter of 2022. This has investors worried about the company’s true profitability. If Coinbase makes a healthy forecast for the firm in the future, it will create positive sentiment around the firm’s profitability and cash flow. As one of the largest crypto companies traded on the stock exchange, the company’s views and expectations regarding the crypto markets will also give investors clues about the course of the crypto markets in the future.
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