Coinbase Stock Surges as Bitcoin Breaks $80,000: But Is It Time for Caution?

Coinbase's stock price has surged again as Bitcoin pushed past $80,000. This isn't the first time a Bitcoin breakout has translated into an outsized move for Coinbase.

The rally hasn't gone unnoticed on Wall Street: Goldman Sachs raised price targets on both Strategy (MSTR) and Coinbase (COIN), describing itself as 'cautiously optimistic' on Coinbase.

Coinbase's stock does not move in lockstep with Bitcoin, but the two assets clearly move together more often than not. According to PortfoliosLab, the long-run correlation between Coinbase and Bitcoin is 0.61, a moderate reading.