Following the SEC lawsuit, Coinbase stock closes in the black despite a turbulent

In the midst of a turbulent week for the cryptocurrency exchange, Coinbase shares increased 3.1% on Thursday.

In the midst of a turbulent week for the cryptocurrency exchange marked by a lawsuit brought against it by the U.S. Securities and Exchange Commission, Coinbase shares increased 3.1% on Thursday to close at $54.90.

According to TradingView, the stock had dropped to $52.14 at around 10 a.m. ET in the morning but then steadily increased for the rest of the day.

performance by COIN on June 8, 2023.

The SEC lawsuit, according to Mark Palmer, a digital asset equity research analyst at Berenberg Capital, will probably cause shares to fall. He lowered his price target from $55 to $39 in response.

But some people continue to be bullish on the stock. On June 7, a day after the SEC claimed that Coinbase had broken securities laws, Cathy Wood’s Ark Invest invested $21 million in the company.