Coinbase Global (COIN) Stock Surges Amid Bitcoin Rally and Upcoming Earnings Report

Coinbase Global Inc. (COIN) has seen a significant surge in its stock price, driven by the recent rally in Bitcoin and anticipation of its upcoming quarterly earnings report. As of October 30, 2024, the COIN stock price stands at $219.66, marking a 1.65% increase and a 5.39% rise over the past 24 hours.

The company, which provides financial infrastructure and technology for the crypto economy, is set to report its quarterly earnings, with analysts expecting earnings per share (EPS) of $0.41 on $1.25 billion in revenue. This comes after Coinbase missed EPS estimates in the previous quarter but exceeded revenue expectations for the fourth consecutive quarter.

The stock’s performance is closely tied to the volatility of the cryptocurrency market, particularly Bitcoin. With Bitcoin nearing annual highs, COIN stock has benefited, rising over 26% this year from its opening price of $173.02.

Technical indicators suggest a bullish trend for COIN, with the stock price above its 5, 20, and 50-day exponential moving averages, indicating a strong buy signal. The implied move for COIN stock ahead of the earnings report is +/- $18.51, reflecting an expected move of around 8% based on current implied volatility.

Coinbase has also highlighted significant regulatory advancements in the crypto space, including bipartisan support for crypto legislation in the U.S. and the approval of ETH ETFs, which could further boost investor confidence and drive more investment into the sector.