Shares in Nasdaq-listed cryptocurrency exchange Coinbase (COIN) are fast approaching an overvaluation threshold, 10x Research, headed by Markus Thielen, said Friday. Thielen is recommending a pair trade that comprises a short position in COIN and a simultaneous long position in bitcoin

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In a note sent to clients, Thielen explained that Coinbase’s fundamentals, mainly trading volumes, haven’t kept pace with the rally in share prices, which are fast nearing the overvaluation threshold, a classic setup for a “tactical reversal.”

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Author: Omkar Godbole

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