April 14, Coinbase IPO and pump on bitcoin?

[bbc.reporter]

If you ask me, bitcoin presently is slowing down with  the pumps becoming weaker on the market. I reckon only more institutional investors’ billions can push this to the predicted $100k target and it appears an approval of an ETF by the US SEC might be one of the ways.

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?



Coinbase announced that the SEC validated its proposal for a public direct listing of its stock. The ticker “COIN” will officially start trading on the Nasdaq Global Select Market on Apr. 14, 2021.

In another press statement, Coinbase also announced they would hold a conference call on Apr. 6 to discuss the financial results of Q1 2021.

These are expected to be positive as the crypto market as a whole enjoyed an excellent first quarter with levels of retail interest unseen in years.

Read in full https://cryptobriefing.com/coinbase-announces-april-14th-direct-listing/

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[Poker Player]

If you ask me, bitcoin presently is slowing down with  the pumps becoming weaker on the market. I reckon only more institutional investors’ billions can push this to the predicted $100k target and it appears an approval of an ETF by the US SEC might be one of the ways.

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?



Coinbase announced that the SEC validated its proposal for a public direct listing of its stock. The ticker “COIN” will officially start trading on the Nasdaq Global Select Market on Apr. 14, 2021.

In another press statement, Coinbase also announced they would hold a conference call on Apr. 6 to discuss the financial results of Q1 2021.

These are expected to be positive as the crypto market as a whole enjoyed an excellent first quarter with levels of retail interest unseen in years.

Read in full https://cryptobriefing.com/coinbase-announces-april-14th-direct-listing/

Do you call this weak pumps?



I don't.

We get used to the good stuff right away and it seems that if we encounter a little resistance after we've been beating ATH after ATH almost daily, there's something wrong.

Regarding Coinbase, I understand that it may have some influence, but what's going to get us to $100k is going to be the aggregate of institutional demand and reduced supply.

[pooya87]

If you ask me, bitcoin presently is slowing down with  the pumps becoming weaker on the market.

Bitcoin stopped having pumps back in 2013 when MtGox that controlled 85% of the market volume went down.
If you mean "rises" then slowing down has never meant "becoming weaker". In 90% of the cases when the rise slows down in bitcoin and price stays stable in a fixed range with less than 10% fluctuation it means there is a massive rise coming and the stability is due to the large scale accumulation by market makers.
Seeing the high volume also suggests accumulation for the next big rise.

I reckon only more institutional investors’ billions can push this to the predicted $100k target

Bitcoin had a 13000% rise in previous cycle and it didn't have "institutional billions" to get there. So far we only had 3000% rise and in comparison that is tiny. Reaching $100k won't need any of that. Reaching $1 million in 2021 does.

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?

That seems to be only for Coinbase as a company and in stock market. It doesn't even have anything to do with the cryptocurrency world. It is just a company that is involved in cryptocurrency trading by offering a platform!
That won't affect bitcoin price.

[Wind_FURY]

OP, when you are in doubt, always zoom out. Bitcoin is simply consolidating at the current level of $50,000 - $60,000. It must establish that new floor to start surging back to its path to $100,000.

Shower thought, what if Bitcoin’s next bottom during the next  bear cycle is $60,000 or higher?

[Slow death]

If you ask me, bitcoin presently is slowing down with  the pumps becoming weaker on the market.

after the paypal announcement, the price increased a lot, it seems to me that this paypal announcement was a salvation, because the price could have dropped below $50,000.

I reckon only more institutional investors’ billions can push this to the predicted $100k target and it appears an approval of an ETF by the US SEC might be one of the ways.

I agree, if some very big and famous company said it is accepting bitcoin then the price would increase a lot, paypal and elon musk were able to create big price increases for bitcoin

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?

I've heard some analyst saying that this can make the price drop a little, others argue that the price will increase, I prefer to wait and see what will happen

[Maslate]

I believe that is positive news and it could again help the market to pump, currently the market is not that bullish anymore particularly on bitcoin, it seeemed like we already stopped at $60k as bitcoin is now below $60k and might go below in the coming days.

$100k is easy if there's a big news that would have a bullish effect, I think that one is big but let's just see how the market will react on that.

[Jating]

Shower thought, what if Bitcoin’s next bottom during the next  bear cycle is $60,000 or higher?

And they, for those no coiners and bitcoin haters, $60k is  still a failure? 

Regarding the Coinbase IPO, if we are going to see a pump on bitcoin, we should have felt it already. But it seems that that price is just stabilising around the $60k zone, nothing spectacular to move the price to $70k or even higher.

We might see some good price movement with "COIN" though, but not into bitcoin or the overall crypto market.

[slapper]

OP, when you are in doubt, always zoom out. Bitcoin is simply consolidating at the current level of $50,000 - $60,000. It must establish that new floor to start surging back to its path to $100,000.

Shower thought, what if Bitcoin’s next bottom during the next  bear cycle is $60,000 or higher?

Depend on the next ATH. I believe the next big dump will around 30-40% of the ATH price so if bitcoin increases up to $100000, $60000 will be affordable

OP, if you are a long-term holder, nothing needs to worry about bitcoin price. Moreover, the chart has shown the 6 consecutive green monthly candles so unless there is a engulf candle closing after April, there is no chance for the bear to take over the market and the price will pursue the next ATH until it reaches $100000

[Theb]

Adding more details into Coinbase's upcoming IPO here is their Prospectus Document (Form S-1)

Revenue (in Thousands)
2020 - 1,141,167
2019 - 482,949
   
Operating Income/(Loss) (in Thousands)
2020 - 408,951
2019 - (45,783)

These are pretty good numbers for a company who will be offering their shares in the public and if you explore the prospectus more you'll find out more about the revenue breakdown of Coinbase showing that their highest revenue earning segment is from their Retail part which includes the buying and selling of cryptocurrencies within their service. Other than that they also provide that the number of "verified" users they have is 43 Million in 2020 as compared to 32 Million users in 2019. So I think its safe to confirm that there is at least 43 million actual people who are aware of cryptocurrencies on Coinbase alone. But will this IPO pump Bitcoin? I don't think so, we are just talking about a public offering of a company that is just related to the crypto industry so far I don't see any direct connection nor kind of play that will traders relate this IPO to the price of Bitcoin.

[magneto]

Short term wise, I do expect there to be some positive implications on BTC prices.

After all, Coinbase's IPO does fit in with the prevailing narrative of BTC going institutional - and investment banks are going to absolutely love the layer of legitimacy that one of the biggest Bitcoin exchanges going public brings.

But in the long run, this honestly does not matter. No centralised exchange exerts a large enough influence over BTC to affect fundamentals meaningfully over the long term. Besides, CB's relevance is declining by the day with their terrible customer service.

[LUCKMCFLY]

I think that this April 14 what can happen is a great volatility of the market, many who are betting that bitcoin will go down and give a correction of $ 50k, although it is only a market speculation I do not think that such a strong turn will be taken. Given that institutional investment has come in strongly and continues to come in, what he seems to think is something unreal, like all the institutions agreeing to go n Short, but that is something very isolated.

However, this date makes me somewhat uncomfortable with the market reaction, the sources that I have reviewed bet that the price of bitcoin will drop, it may be a trap for weak hands and thus sell to take advantage of strong hands to buy cheap.

[bbc.reporter]

If you ask me, bitcoin presently is slowing down with  the pumps becoming weaker on the market. I reckon only more institutional investors’ billions can push this to the predicted $100k target and it appears an approval of an ETF by the US SEC might be one of the ways.

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?



Coinbase announced that the SEC validated its proposal for a public direct listing of its stock. The ticker “COIN” will officially start trading on the Nasdaq Global Select Market on Apr. 14, 2021.

In another press statement, Coinbase also announced they would hold a conference call on Apr. 6 to discuss the financial results of Q1 2021.

These are expected to be positive as the crypto market as a whole enjoyed an excellent first quarter with levels of retail interest unseen in years.

Read in full https://cryptobriefing.com/coinbase-announces-april-14th-direct-listing/

Do you call this weak pumps?



I don't.

We get used to the good stuff right away and it seems that if we encounter a little resistance after we've been beating ATH after ATH almost daily, there's something wrong.

Regarding Coinbase, I understand that it may have some influence, but what's going to get us to $100k is going to be the aggregate of institutional demand and reduced supply.

Yes I know bitcoin has been the best performing asset if comparing it to traditional assets, however, what I have observed was since February 21 the pumps have encountered much resistance.

Coinbase IPO might not affect bitcoin and the cryptospace directly, however, it might help larp our cause to the mainstream and say the cryptospace has arrived hehehe. This might attract more investments on bitcoin from institutional investors.

[thecodebear]

I wouldn't categorize it as weaker. I'd say the market is looking stronger. It has built solid support in the $50,000s. Rather than leading up to the typical blow off top and huge crash, I think what we're seeing, after that initial surge from $10k to $50k+, is more stable sustained growth happening. That way Bitcoin keeps growing in 2022, 2023, and beyond, rather than a big boom this year and then a long crypto winter.


Anyway, no idea if Coinbase IPO will cause a pump. That'd be great if a bunch of early investors in Coinbase sold their shares on the IPO and put it into Bitcoin! Would be a smart move for any of them if they do that!

[adaseb]

The event will be very bullish however I don't want another CME Bitcoin futures launch to happen. Basically everybody was excited about BTC futures and as soon as they launched, it was the peak of the 2017 market.

With Coinbase IPO it might be the exact same event. The stock might be a huge hit and it will directly affect BTC and cause it and other cryptos to rally however there is a chance that it might peak then and start to go down hill.

[cabron]

The event will be very bullish however I don't want another CME Bitcoin futures launch to happen. Basically everybody was excited about BTC futures and as soon as they launched, it was the peak of the 2017 market.

With Coinbase IPO it might be the exact same event. The stock might be a huge hit and it will directly affect BTC and cause it and other cryptos to rally however there is a chance that it might peak then and start to go down hill.

It might even get downhill after few days of it on Nasdaq. Can't say it's bad for cryptocurrency though but it might be for Coinbase.

Kevin O'Leary says this $COIN is going to be very volatile whenever there is a bear market in stocks and it gets even more volatile whenever the crypto market experience the bear market again.

[traderethereum]

The event will be very bullish however I don't want another CME Bitcoin futures launch to happen. Basically everybody was excited about BTC futures and as soon as they launched, it was the peak of the 2017 market.

With Coinbase IPO it might be the exact same event. The stock might be a huge hit and it will directly affect BTC and cause it and other cryptos to rally however there is a chance that it might peak then and start to go down hill.

It might even get downhill after few days of it on Nasdaq. Can't say it's bad for cryptocurrency though but it might be for Coinbase.

Kevin O'Leary says this $COIN is going to be very volatile whenever there is a bear market in stocks and it gets even more volatile whenever the crypto market experience the bear market again.

If that can make the price more volatile, we need to hold on tight the bitcoin because we might see the price will go down and up many times, making us get a heart attack if we are not ready.
Hopefully, Coinbas IPO can pump bitcoin to break $60k and still increase. Otherwise, the price will be more volatile, as we said before.
But no matter what will happen to bitcoin, I still believe that bitcoin now on the right track to increase and invite more people to invest in bitcoin, and what bitcoin show to us now can convince people to use bitcoin for their long-term investment.
So far, bitcoin price stays around $55k-$59k-$60k, and I guess that will still be like that, except there is a flash dump or pump that will make the price swing to any price level position.

[passwordnow]

However, is Coinbase’ IPO another way or is the IPO positive only for Coinbase?

IMHO, it's a different market and only Coinbase is going to get the benefit of this. But somehow it's going to bring positivity to the bitcoin market if it will attract more traditional investors and would likely try the platform itself and might encourage them to buy bitcoin out of their curiosity and probably as part of support to the IPO. But we shall see the effect of it on an instant on that set date. If ever it will affect the bitcoin market positively then that's more preferred by most of us.

[Fortify]

The price of Bitcoin jumped over 4 times in the span of a few months, of course it is bound to slow down at some point. I think some people get exceptionally greedy when they see such numbers but it was inevitable to level off at some point. I'd be quite happy to see slow and steady progress over the next few years, even 10% per year, rather than expecting it to jump another 400%. There is also the fact that the higher bitcoin goes, the harder it gets to double or triple in value - because it has already taken 10 years to get to the current price levels. Just be slow and patient, add to your holdings when you can and be grateful for any dips that come along.

[bbc.reporter]

The event will be very bullish however I don't want another CME Bitcoin futures launch to happen. Basically everybody was excited about BTC futures and as soon as they launched, it was the peak of the 2017 market.

With Coinbase IPO it might be the exact same event. The stock might be a huge hit and it will directly affect BTC and cause it and other cryptos to rally however there is a chance that it might peak then and start to go down hill.

I am uncertain about this because everyone is so presently very bullish on bitcoin, however, I am beginning to suspect that bitcoin has reached the top. RSI indicator is creating lower highs. Also, each pump attempts on new all time high are weak. Am I crazy for considering this?

[philipma1957]

The event will be very bullish however I don't want another CME Bitcoin futures launch to happen. Basically everybody was excited about BTC futures and as soon as they launched, it was the peak of the 2017 market.

With Coinbase IPO it might be the exact same event. The stock might be a huge hit and it will directly affect BTC and cause it and other cryptos to rally however there is a chance that it might peak then and start to go down hill.

I am uncertain about this because everyone is so presently very bullish on bitcoin, however, I am beginning to suspect that bitcoin has reached the top. RSI indicator is creating lower highs. Also, each pump attempts on new all time high are weak. Am I crazy for considering this?

Yes.





Just kidding.