A Wall Street strategist warned on Sunday that the stock market could crack within 30 days. By Monday morning, one stock had ignored him completely.
Coinbase (COIN) jumped almost 8% and kept climbing, trading near $188.50. The fund tracking the 500 biggest US companies fell 0.8% in the same hours.
The Bear Who Moved the Stock
The warning came from Mike Wilson, Morgan Stanley’s chief US equity strategist. He told clients the danger was oil, not artificial intelligence (AI).
“I do think in the next 30 days, if oil goes to $120, $130, $140, that’s a drain on liquidity”
BeInCrypto covered that crash warning on Sunday. Coinbase shrugged it off a day later.
The lift came from Compass Point, a Washington firm that trades on politics. Analyst Ed Engel moved Coinbase from sell to neutral.
Amid his neutral bias, it is imperative to note that he did not say buy. Engel’s new target is $177. Coinbase cleared it on the open.
The Vote He Expects to Lose
Engel’s case rests on the Digital Asset Market Clarity Act. The Senate votes this week. The bill would decide which regulator polices crypto.
For Coinbase, that is the whole game. A rulebook means listing tokens without waiting to be sued. The bill slipped to September once already, and this is the last vote before November.
Engel expects it to fail.
So investors bought on a bearish note, chasing a bill that analyst thinks dies this week.
Wall Street Cannot Agree Either
MARA Holdings (MARA) went the other way, falling 2% after JPMorgan cut it to underweight over a data center venture with Starwood.
This has happened before, when Morgan Stanley ran near-identical math in May, investor relations chief Robert Samuels hit back.
“If you actually read the note, the math appears incorrect regarding the Starwood JV, even after we provided an illustrative example of how the economics work.”
Morgan Stanley is no bear here. It opened coverage on September 10 at $250, far above the $201 average across 28 analysts covering Coinbase.
Those targets run from $95 to $330. Monday answered the lowest voice in the room.
The post This One Stock Looks Bullish Amid Morgan Stanley's 30-Day Crash Warning appeared first on BeInCrypto.
