Haas said that cryptocurrencies are attracting investors of all ages, demographics and geographies. They are quickly becoming an appealing asset class for all investors.
While Bitcoin is the oldest and most well-known, Haas noted that there's a long tail of other currencies and Coinbase aims to become a platform to trade all assets that meet their listing standards.
When asked about those standards, Haas said that Coinbase has always worked closely with regulators and encourages increased regulation to ensure there is trust in the system and a level playing field for everyone.
Is cryptocurrency here to stay? Haas said she sees it becoming mainstream, but also sees it evolving.
Let's check and see how the charts of COIN are evolving.
In this daily Japanese candlestick chart of COIN, below, we do not have a lot of price history to work with. Trading in COIN started with a very large and bearish candle as prices opened very strong and closed weak. A large upper shadow tells us that traders rejected the highs. Prices have traded lower and made a low last week. Lower shadows around $255 now are a subtle suggestion that buyers are returning.
We only have enough price data for a 20-day moving average line and its slope is negative. The On-Balance-Volume line is pointed down for now.
In this daily Point and Figure chart of COIN, below, we can see the price activity which has certainly been rapid and very direction driven. The software is suggesting an upside price target in the $418 area.
Bottom line strategy: The charts of COIN tell me an interesting story. A short story to be clear as we have very little to work with as technical analysts. After the first day excitement COIN is now finding a little support around $255. Strength back above $310 will be encouraging. I would wait for more signs of accumulation (buying) before probing the long side.