TechFlow news, on June 29, 10x Research released a report stating that its regression model indicates Coinbase's stock price has shown strong upward momentum, but is overvalued. The report also analyzed the reasons behind Coinbase's rise:
- Coinbase (stock price above 7-day moving average -> bullish, also above 30-day moving average -> bullish, one-week change +47.8%) was driven by Bernstein raising its price target to $510, citing its stablecoin business and institutional services;
- The Senate passed the GENIUS Act, enhancing transparency in stablecoin regulation, pushing its share price up 5.5% to $374.97;
- Bitcoin and Ether perpetual futures regulated by U.S. authorities are set to launch on July 21, further fueling investor enthusiasm;
- Circle's successful IPO and Coinbase's revenue sharing from USDC have solidified its market position, supporting the price increase.
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