Coinbase (COIN) Stock Falls As Bitcoin (BTC) Price Dips Below $50,000

Coinbase Global, Inc. COIN shares are trading lower Monday after the price of Bitcoin BTC/USD fell below $50,000.

Coinbase (NASDAQ:COIN) shares are trading lower Monday after the price of Bitcoin (CRYPTO: BTC) fell below the $50,000 level.

Coinbase shares did recover some losses from earlier in Monday's session after the price of Bitcoin climbed back above the $54,000 mark. Volatility spread throughout global markets Monday amid several factors including geopolitical tensions in the Middle East, concerns about recent U.S. economic data, massive long liquidations, and negative Bitcoin and Ethereum (CRYPTO: ETH) ETF flows.

Coinbase posted its second-quarter results last Thursday, and though the company beat analyst expectations on both the top and bottom line, total trading volumes were down 28% quarter-over-quarter. Consumer trading volume was down 34% quarter-over-quarter and institutional trading volume was down 26% quarter-over-quarter.

According to data from Benzinga Pro, Coinbase shares are moving on heavy volume Monday and trading below the stock's 50-day moving average of $234.31.

Is COIN Stock Headed For a rebound? When trying to assess whether or not Coinbase will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Here's a Consensus Price Target Breakdown for Coinbase, According to TipRanks.

Wall Street analysts have an average 12-month price target of $262.69 on Coinbase Global. The Street high target is currently at $345 and the Street low target is $196. Of all the analysts covering Coinbase, 8 have positive ratings, 3 have neutral ratings and 2 have negative ratings.

In the last month, 10 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]

Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase Glb have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase Global is 24.78% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Coinbase Global, visit here.

If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro.

Start your free trial today.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 5.65% at $192.88 at the time of publication Monday.

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