The share price of both financial services company Galaxy Digital and cryptocurrency exchange Coinbase showed signs of resilience as markets opened this morning after a difficult week for crypto stocks.
Last week, Coinbase plummeted to its lowest level ever with shares trading hands at $162. At the same time, Galaxy Digital’s stock hit $11—a decline of more than 60% from all-time highs.
Friday’s recovery spilled into Monday morning with Coinbase shares up more than 4.6%, while shares in Galaxy Digital were trading hands up 2.0%.
This could be the first sign of recovery amidst a wider lack of investor confidence in crypto or crypto-adjacent stocks as the value of digital assets has dropped.
The recovery for Coinbase comes despite calls by some analysts that its stock is overpriced, citing a “crypto desert” alongside trading-fee compression. Last week, a Mizuho analyst poured cold water on the stock price of the cryptocurrency exchange, cutting its price target to $220 from $300.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.