CoinBase is 31 on the 2015 CNBC's Disruptor 50
Founders: Brian Armstrong, Fred Ehrsam
Date launched: 2012
Funding: $106 million
Industries disrupted: Financial services, e-commerce, investing
Coinbase may allow people to use virtual currency, but the company is good at raising actual money. In January the company that operates an online service that allows users to buy bitcoin-the virtual currency-store it in a digital wallet and pay merchants with it, raised $75 million. Among the investors: the New York Stock Exchange, BBVA (a large multinational bank), along with personal investments from former Citigroup CEO Vikram Pandit and former Thomson Reuters CEO Tom Glocer.
The company-which bills itself as the closest thing to a bitcoin central bank-claims that this is the first time that financial institutions have made a major investment in a bitcoin company. It brings Coinbase's total funding to $106 million. The company was started by Fred Ehrsam, a former Goldman Sachs trader; and Brian Armstrong, a former engineer at Airbnb. Coinbase makes money by charging users a 1 percent fee to convert dollars into and out of bitcoin. Merchants like it because the fees are less than what they pay to process most credit card transactions.
Bitcoin itself still contends with headlines linking it with criminal activity, but that hasn't stopped Coinbase from creating 2.8 million consumer wallets signing up 39,000 merchants to date.
"This Bitcoin network now does something that was never possible before. It removes the necessity of a third party in a transaction." -Fred Ehrsam, co-founder
May 05, 2015 - Bitcoin Weekly Price Forecast Outlook
Price at Bitfinex below temporary resistance | Daily time interval
This week marks the 3rd in a row, during which market is attempting to produce a sustained rally.
On the long side: Past two day action has established resistance at $241 (orange dashed line). A break above will find little room up to $243 intermediate resistance (pink dashed line). The latter is the point at which price has been rejected twice, on 03.05.15 and today. A strong break above $243 may produce better results, while adequate resistance rests approximately at $250 (purple dashed line). Upper target is estimated at $254 breakdown point (red dashed line).
On the short side: Temporary support rests at $237 (green dashed line). This is an approximate area that has been tested vigorously since late February. A continuation below will find support at $231 (white dashed line), where a double daily close has been confirmed on 01.05.15 and 02.05.15 respectively. If $231 breaks, price will quickly find support at $228 (light blue dashed line). Our models suggest that a prolonged weakness will increase the possibilities of testing $222 near term support (blue dashed line).
Overall: Recent weeks have been characterized by a small breaks to the upside that have been met with decent resistance. RSI follows the latest attempt but needs to rise above 58 to provide stability. MACD has produced a widening signal which has the potential of testing the positive territory, however, this is a bit soon to tell as more confirmations are required. Finally, Stochastic is overbought for the fourth straight day which implies that there could possibly be 1-2 additional days of sideways movement ahead.
Long: On appropriate confirmations - Potential Target $254
Long Target Breakdown:
On a confirmed signal above $241 - Price Target $243 | Probability: 27%
On a confirmed signal above $243 - Price Target $250 | Probability: 44%
On a confirmed signal above $250 - Price Target $254 | Probability: 31%
Neutral: Price Range $237-$241
Short: On appropriate confirmations - Potential Target $222
Short Target Breakdown:
On a confirmed signal below $237 - Price Target $231 | Probability: 40%
On a confirmed signal below $231 - Price Target $228 | Probability: 23%
On a confirmed signal below $228 - Price Target $222 | Probability: 40%
Our Stance: Neutral to short. If signals reverse, will be very conservative towards long exposure.
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