Coinbase Global Inc jumps higher despite Bitcoin price retreats 5% on the week

  • NASDAQ:COIN gained 1.96% during Friday’s trading session.
  • Coinbase adds a new social function to its mobile platform.
  • Bitcoin price pulls back from highs as it reaches a decision point.

NASDAQ:COIN continues to climb higher following its recent earnings-induced sell off as the leading US cryptocurrency exchange rose again on Friday. Shares of COIN gained 1.96% and closed the final trading day of the week at $342.98. Despite the two-day rally into the weekend, Coinbase is still down nearly 2% on the week, although it is still up nearly 40% over the past month so investors do not have much to complain about after one down week. The crypto markets continue to show volatility as US regulatory watchdogs loom over the unregulated industry. 

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Coinbase announced it would be adding a new feature to its platform on Friday. This feature will allow users to actually show other users how much crypto they own in a form of social touting. While other platforms have similar leaderboard ideas, Coinbase is likely gearing up for the ability to display NFTs that each user owns. In fact, it should integrate nicely with Coinbase’s upcoming NFT marketplace that should be launching within the next year. There are some security issues with the idea though, and Coinbase is allowing users to do so privately to confirmed friends instead of blasting out their crypto fortunes all over the internet. 

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Since reaching new all-time highs last week, Bitcoin has pulled back over the past few sessions. BTC price has fallen by about 5% over the past week, and is reaching an inflection point that could determine the benchmark crypto’s next move. Bitcoin bulls are watching key levels below $65,000 for support. If those levels hold, there is a chance that Bitcoin price could head north to $70,000. If the support falls, we could see another return back down to the low $60,000’s.